Four Deals Signed on PM's First Day in US

Scores of contracts and memorandums of understanding (MoU) on investment were signed between US and Vietnam on the first day of Vietnamese Prime Minister's landmark visit to the US in the US yesterday.

Prime Minister Phan Van Khai arrived in the west coast city of Seattle to witness the signing of two economic contracts between the two sides.

California-based Dinh Street Co. signed a US$25-million MoU with the authorities of Vietnam’s Quang Nam province to lease 26 hectares of land in the central province to build a five-star hotel and a trade center.

“Investing into Quang Nam in particular and central Vietnam in general will bring huge benefits to American companies,” PM Khai said at the signing ceremony, adding that Quang Nam and central Vietnam have beautiful beaches and a large number of cultural and historical sites - huge opportunities to develop tourism and hotels.

The Vietnam Construction Import Export Corporation No.5 (Cienco5) signed a contract with California’s Pegasus Global Capital Co., under which the latter will invest US$10 million in building a plastic grain factory in the Viet Hung Industrial Park in Quang Ninh province. The industrial park is operated by Cienco5.

On the same day, the Vietnam Chamber of Commerce & Industry (VCCI) signed a MoU with Microsoft Corp., under which Microsoft will help Vietnamese small and medium enterprises to apply information technology and raise their awareness about intellectual property right.

Leaders of Vietnam’s Ministry of Education and Training also signed a MoU with Microsoft to help train 50,000 teachers from 2006 to apply IT in training.

The visit, which will last from June 19 to 25, is the first by a Vietnamese top leader to the US since the Vietnam War ended 30 years ago.

• Youth