Prime Minister Pham Minh Chinh on September 28 suggested the US-based global growth investor Warburg Pincus to further its effective coordination with Vietnamese agencies to increase long-term and sustainable investment in the Southeast Asian nation.
At a reception for Charles Kaye, director general of Warburg Pincus that has invested US$2 billion in Vietnamese firms since 2013, Chinh lauded cooperation between Warburg Pincus and local partners.
Regarding the Vietnam-US relations, the PM said their bilateral trade reached nearly US$87 billion in the first eight months of this year, up about 20 percent year-on-year.
The US remains Vietnam’s biggest buyer, while Vietnam is the 9th biggest trade partner of the US globally and the biggest in the Association of Southeast Asian Nations (ASEAN).
As of September 2022, the US ranked 11 out of 139 countries and territories investing in Vietnam, he said, noting that Vietnam has been a magnet for US tech giants like Apple, Dell and Intel.
Chinh suggested Warburg Pincus, with its worldwide network of clients, continue to work as a bridge helping investors from the US and other foreign countries access Vietnam.
Warburg Pincus should expand investment in new areas, especially renewable energy, he continued, calling on the investor to provide policy consultation for Vietnam.
The Vietnamese Government will further improve the domestic investment environment, and support foreign investors in the country, Chinh pledged.
For his part, Kaye lauded Vietnam’s efforts and successes in Covid-19 containment and national development, as well as its macro-economic stability given global uncertainties, and infrastructure development, particularly soft infrastructure.
Vietnam is an increasingly attractive and important investment destination for US firms, and one of the five most important investment destinations of Warburg Pincus, he noted.
Informing the host about Warburg Pincus’s recent operations, Kaye promised to invest in Vietnam for a long term, and expressed his wish to increase investments in the country, particularly in renewable energy at industrial parks and policy consultation.
He also raised some proposals regarding investment projects in Vietnam.
PM Chinh said a number of legal documents relating to the proposals are being complied, amended and supplemented to match international commitments and the reality in Vietnam.