Associated Press
\nHanoi<\/p>\n
U.S. business delegation said on Thursday that Vietnam's
\ngrowing economy is ripe for foreign investment.<\/p>\n
"For American business, this is the year to focus on Vietnam.
\nVietnam is a stable, fast-growing and promising market for
\nAmerican companies," said Ernest Bower, president of the U.S.-
\nAsean Business Council, a private business lobbying group.<\/p>\n
The delegation, which included representatives from a dozen
\nmajor U.S. firms including Boeing, Citigroup, Ford Motor, Unocal
\nand UPS, is spending the week touring Vietnam.<\/p>\n
The group has had meetings with Deputy Prime Minister Vu
\nKhoan, Planning and Investment Minister Vo Hong Phuc and Trade
\nMinister Truong Dinh Tuyen.<\/p>\n
In the past decade, Vietnam has been pursuing economic
\nreforms. But it has struggled to attract foreign investors, with
\nmany overseas companies deterred by red tape, corruption, and
\nlack of transparency.<\/p>\n
But the communist country is now actively wooing foreign
\ninvestors, with an eye on entering the World Trade Organization
\nby 2005. Vietnam's economy grew 7% last year.<\/p>\n
Raymond Sander, senior vice-president of New York Life
\nInsurance, said the Vietnamese leaders expressed a willingness to
\naddress investors' concerns.<\/p>\n
"I was very encouraged by not only their recognition of these
\nissues, but their commitment to resolve a number of the
\nproblems," he said.<\/p>\n
The government is planning to privatize 1,200 state-owned
\ncompanies over the next two years, and foreigners are allowed to
\nhold up to a 30% stake in these entities, a senior official said
\nThursday.<\/p>\n
The U.S. is officially the 11th largest foreign investor in
\nVietnam, though U.S. investments through Asian subsidiaries push
\nthat ranking up to fifth, Bower said.<\/p>\n
Bilateral trade between the two countries has boomed since the
\nsigning of a historic trade deal in 2001, reaching a record $6
\nbillion last year. The U.S. has become Vietnam's largest trading
\npartner.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/associated-press-1447899208",
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"sponsor": "Okusi Associates",
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