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NEWS UPDATES Asean Affairs   ุ26  May  2016  

HCM City leader welcomes US businesses and investors

HCM CITY — HCM City committed to create all possible business conditions for US firms as well as international investors for the benefit of both enterprises and the city.

Secretary of the city’s Party Committee Đinh La Thăng made the statement yesterday while receiving Howard Lutnick, the Chairman and CEO of Cantor Fitzgerald – a US-based financial services firm.

He lauded US investors in choosing HCM City to locate a financial tower project, expressing his hope that the project in Thủ Thiêm Urban Area would commence soon,  making the area a financial centre in the region and attracting more world financial giants.

He said he believed that after the visit of US President Barack Obama, there would be a new wave of investment from American businesses, especially when the Trans-Pacific Partnership comes into effect.

The city leader also expressed his hope that President Obama will help further foster partnerships between HCM City and US localities, making the US the largest investor in the city.  Meanwhile, the city was preparing a qualified workforce to meet investors’ requirements, he added.

For his part, Howard Lutnick briefed his host on Cantor Fitgerald’s plan to invest in the financial tower project in HCM City, saying that it could serve as an important point to rotate financial flow in the Southeast Asian region in the future.

Commenting that HCM City is a busy and dynamic locality with a strong start-up spirit among the youth, Lutnick pointed to abundant partnership opportunities for US investors. He also revealed Cantor Fitzgerald’s interest in the city.

TPP perspectives

Vietnamese and US entrepreneurs also had a chance to discuss the Trans-Pacific Partnership (TPP) in Hà Nội on Tuesday in an event held by the American Chamber of Commerce (AmCham) and the Việt Nam Chamber of Commerce and Industry (VCCI).

Adam Sitkoff, Executive Director of AmCham Việt Nam, said the TPP would bring numerous benefits and opportunities for companies, investors, workers, farmers and consumers in both Việt Nam and the US.

Once fully implemented, the TPP would pave the way for a digital economy, strengthen creative industries and help ensure fair competition.

The trade deal, signed by the economic ministers of 12 countries in New Zealand on February 4, would play an important role in improving the local business climate and open up many opportunities for Việt Nam to speed up industrialisation, modernisation and globalisation, he added.

US Trade Representative Michael Froman said Việt Nam was now in a transitional period and should focus on enhancing its competitiveness. The most important issues include vocational training, carrying out agreements with labourers and tackling pollution.

He noted it was necessary to remove all barriers and obstacles that hamper the growth of businesses, especially small- and medium-sized ones. All enterprises must be treated equally to compete under transparent regulations.

The private economy should receive more opportunities to access big markets. Việt Nam should also stimulate competition, attract foreign investment and develop supply chains, Michael Froman added.

At the event, Vietnamese Deputy Minister of Industry and Trade Trần Quốc Khánh said Viet Nam used free trade agreements like TPP or the EU – Viet Nam Free Trade Agreement because it wanted to help its products make inroads into global markets.

By reducing import tariffs for many regional and global countries to zero, Việt Nam would be more attractive to domestic and foreign investors, Khanh noted.

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