US Investment into Vietnam May Double Next Year: US Ambassador

Chu thich: US President George W. Bush at Ho Chi Minh Securities Center during his working visit to Vietnam in November

The US’s investment into Vietnam may double next year compared to this year’s figure of US$4 billion, as local media quoted US Ambassador Michael Marine saying Vietnam is now the target of foreign investors and observers.

 

At a press conference on Vietnam-US relations in Hanoi on December 13, the ambassador told Vietnamese reporters that in 2006 US investment into Vietnam rose sharply with Intel’s decision to pour US$1 billion in HCM City, and that many US investors are now researching investment in the Vietnamese market.

 

Next year will be the time for Vietnam to see rapid growth in foreign investment if Vietnam speeds up economic reforms, said Michael Marine.

 

He noted that Vietnam-US relations are developing favorably. 2006 was a good picture for bilateral ties in fields of trade, investment and hi-ranking exchange of views. In 2006 US President Bush and Secretary of State Condoleezza Rice visited Vietnam and the US took Vietnam off the list of countries of special concern over religion freedom, he added.

 

According to the ambassador the challenge for next year is how to maintain the development in cooperation between the two countries. He said next year Vietnamese president Nguyen Minh Triet will visit the US.

 

Regarding to PNTR status for Vietnam, the US ambassador affirmed that the US president will soon sign the Vietnam PNTR bill.

 

Talking about trade relations between the two countries, Michael Marine said Vietnamese enterprises should understand international rules and regulations when integrating into the world market and Vietnam should strictly implement WTO commitments.

 

The most important matter is that Vietnam must seize its opportunities and take full advantage of its potential for development, the ambassador emphasized.

Two-way trade between Vietnam and the US grew to $7.8 billion in 2005, a 400 percent increase since 2001. Of which, Vietnam earned $6.6 billion from exports and spent $1.2 billion on imports from the US.