Vietnam Ink Investment Promotion Agreements with the U.S., UAE

The Foreign Investment Agency (FIA) under the Ministry of Planning and Investment (MPI) has just signed two investment promotion cooperation agreements with the U.S. and United Arab Emirates (UAE).

 

Under the agreements, investors from the U.S. and UAE will be provided with information about investment and business in Vietnam.

 

The agreements also includes the selection of investment projects that conform to Vietnam’s situation and the capacity of the U.S. and UAE investors as well as the construction of an information base for these projects to better facilitate investment inflows into the Southeast Asian nation.

 

The U.S.-based VQ Partner Company will also provide FIA with information about the U.S. and UAE investors’ requirements involving in investment activities in industrial zones, investment priorities, human resources, and education and training.

 

VQ Partner, an investment promotion consulting firm of MagRabbit Inc. and Algelous Economics Inc., has a representative office in UAE.

 

According to the MPI, the U.S. has to date invested in 428 projects valued at over US$4.2 billion, and the UAE has one project so far worth US$112 million. The countries stand 12th and 36th, respectively, among 84 foreign countries and territories making direct investment in Vietnam.

 

The U.S. Department of Commerce has just said that bilateral trade between Vietnam and the U.S. reached US$15.283 billion last year, representing an on year rise of 23.61 per cent.

 

Bilateral cooperation between Vietnam and UAE is in a wide range of trade, investment and labor, and the bilateral trade jumped fast to US$550 million last year from US$67 million in 2002, however, those fruits are not on par with the two countries' potentials. (Youth, VNA)