US investment in Viet Nam has increased by 400 percent since the signing of the Bilateral Trade Agreement (BTA) between the two countries in 2001, Deputy Commerce Secretary David Simpson told reporters on November 18
US
investment in Viet Nam has increased by 400 percent since the signing of the Bilateral Trade Agreement (BTA) between the two countries in 2001, Deputy Commerce Secretary David Simpson told reporters on November 18.
Sampson said the American business community has benefited not only from trade but also from investment relations with Viet Nam. Economic ties with Viet Nam are very important to the US, he stressed.
Sampson toured Ford Motor Company in northern Hai Duong province to highlight how Fords investment in Viet Nam demonstrates and how investment contributes to strengthening the US-Viet Nam economic relations. He said he hoped that these relations continue to develop in the future.
Viet Nam is an important and growing market, he said, however, if the country wants to lure more foreign direct investment from the US, it should further improve its investment environment, including telecommunication laws, making the environment more transparent and attractive to investors.
During his stay in Viet Nam, Sampson held working sessions with Minister of Planning and Investment Vo Hong Phuc and Deputy Minister of Trade Le Danh Vinh. The focus of these meetings was discussions on Viet Nams accession to the World Trade Organisation (WTO).
He said "It is a very important priority for the US that Viet Nam enters the WTO. President George Bush and Prime Minister Phan Van Khai reaffirmed the importance of this during the historic US visit by Prime Minister Khai in June this year."
"However, the timing of Viet Nams WTO accession depends on the countrys efforts to reform its legal systems, and the US Congress must approve permanent normal trade relations status for Viet Nam," he added.
Regarding the US extension of textile quotas for Viet Nam next year, Sampson said he is not in a position to say when the US will make a decision on this matter.
(Source: VNA)
