Vietnam-US partnership equals profit
14:38, 2015/06/29
Minister of Finance Dinh Tien Dung, who will chair the upcoming investment promotion conference in the US on July 1, spoke with VIR about his expectations for a comprehensive and deeper partnership between Vietnam and the US in the finance sector.
Following is an excerpt from the interview:
After the investment promotion conference held in Japan last year, why has the Ministry of Finance targeted the US this time?
Mr Dung: This year marks many important developments in Vietnam-US relations, as it has been 20 years since Vietnam and US normalised diplomatic relations and 15 years since we first signed a bilateral trade agreement. Our co-operation in economics, investments, finance and trade has developed, and bilateral foreign exchanges have grown tremendously in all fields, particularly in the finance sector.
After the state visit of Vietnam President Truong Tan Sang to the US in 2013, the two countries’ leaders agreed to upgrade the bilateral relations into a comprehensive partnership. This upcoming investment promotion conference, as such, is a testament to the development of the relations between the two countries on many counts, and at the same time, provides opportunities for Vietnamese and American business communities alike to interact and cooperate.
What will be your main message to US investors?
Mr Dung: The US is not only the biggest economy and the largest financial market in the world, but also the main hub that attracts and circulates global capital. Vietnam is seen as an emerging market capable to attract more foreign investment than other regional markets.
The image of Vietnam in American investors’ mind, however, is unfortunately unclear at this stage. Through investment promotion in the US, we hope to showcase Vietnam’s efforts and successes in economic reforms and consistent policies that aim to develop the economy towards market mechanisms. We have always valued foreign investment inflows, especially from the US.
Our message at this conference, therefore, is to build a more comprehensive and deeper partnership between Vietnam and the US for mutual benefits in the finance sector and capital market.
Hundreds of US organisations have been injecting capital into Vietnam’s financial market via large investment funds. What favourable conditions are needed to attract larger American capital inflows into Vietnam?
Mr Dung: The Asia-Pacific region has continued to be the most dynamic development zone in the world, where intra-regional cooperation has grown closer than ever, especially with the upcoming finalisation of the Trans-Pacific Partnership Agreement. In addition, the Vietnam-US comprehensive partnership has been established and strengthened. These favourable factors have indeed helped attract investments from the US into Vietnam.
Moreover, Vietnam-US ties in economics, investment, finance and trade has been continuously fostered over the years. The US has always been among the top 10 foreign investors in Vietnam. Many large financial corporations from the US, such as JPMorgan, Chase, Citi Group, Goldman Sachs, and Morgan Stanley, are present in Vietnam.
Vietnam’s export volume to the US has increased 36 times since 2000, reaching almost US$29 billion in 2014, and we have become the ASEAN’s biggest exporter to the US market.
What is your expectation on the Vietnam-US economic ties in the coming time?
Mr Dung: Vietnam-US economic ties, strengthened in the last two years on the basis of comprehensive partnership, will certainly continue to thrive, both in quality and quantity.
Thank you very much.
After the investment promotion conference held in Japan last year, why has the Ministry of Finance targeted the US this time?
Mr Dung: This year marks many important developments in Vietnam-US relations, as it has been 20 years since Vietnam and US normalised diplomatic relations and 15 years since we first signed a bilateral trade agreement. Our co-operation in economics, investments, finance and trade has developed, and bilateral foreign exchanges have grown tremendously in all fields, particularly in the finance sector.
After the state visit of Vietnam President Truong Tan Sang to the US in 2013, the two countries’ leaders agreed to upgrade the bilateral relations into a comprehensive partnership. This upcoming investment promotion conference, as such, is a testament to the development of the relations between the two countries on many counts, and at the same time, provides opportunities for Vietnamese and American business communities alike to interact and cooperate.
What will be your main message to US investors?
Mr Dung: The US is not only the biggest economy and the largest financial market in the world, but also the main hub that attracts and circulates global capital. Vietnam is seen as an emerging market capable to attract more foreign investment than other regional markets.
Minister of Finance Dinh Tien Dung
|
Our message at this conference, therefore, is to build a more comprehensive and deeper partnership between Vietnam and the US for mutual benefits in the finance sector and capital market.
Hundreds of US organisations have been injecting capital into Vietnam’s financial market via large investment funds. What favourable conditions are needed to attract larger American capital inflows into Vietnam?
Mr Dung: The Asia-Pacific region has continued to be the most dynamic development zone in the world, where intra-regional cooperation has grown closer than ever, especially with the upcoming finalisation of the Trans-Pacific Partnership Agreement. In addition, the Vietnam-US comprehensive partnership has been established and strengthened. These favourable factors have indeed helped attract investments from the US into Vietnam.
Moreover, Vietnam-US ties in economics, investment, finance and trade has been continuously fostered over the years. The US has always been among the top 10 foreign investors in Vietnam. Many large financial corporations from the US, such as JPMorgan, Chase, Citi Group, Goldman Sachs, and Morgan Stanley, are present in Vietnam.
Vietnam’s export volume to the US has increased 36 times since 2000, reaching almost US$29 billion in 2014, and we have become the ASEAN’s biggest exporter to the US market.
What is your expectation on the Vietnam-US economic ties in the coming time?
Mr Dung: Vietnam-US economic ties, strengthened in the last two years on the basis of comprehensive partnership, will certainly continue to thrive, both in quality and quantity.
Thank you very much.
16:48, 2025/02/27
Local banks cut interest rates in response to PM’s request
The rate cuts come in response to the Prime Minister’s directive to inspect and review banks that have recently increased deposit rates.
15:51, 2025/02/24
Vietnam set to have digital banks within financial centers
Credit institutions headquartered in these financial centers will not be bound by restrictions on to foreign ownership or foreign investment conditions when providing services there or across borders.
14:30, 2025/02/15
Hanoi expands cashless parking pilot program
Hanoi is advancing its efforts to integrate technology into urban management by expanding the pilot program for cashless parking payments throughout the city.
16:58, 2025/02/11
Prime Minister urges banks to prioritize economic support over profits
One of the key priorities for the banking sector is to support small and medium-sized enterprises (SMEs), as they generate a large number of jobs and contribute significantly to the economy.
17:23, 2025/02/07
Vietnamese Gov’t forecasts CPI growth of up to 4.5% in 2025
With the goal of at least 8% GDP growth, the money supply in the economy will be significantly larger than in 2024. This will have an impact on price indices, particularly consumer prices.
17:51, 2025/01/07
Vietnam prioritizes agriculture and renewable energy for access to green loans
The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.
- Vietnam GDP expands by 7.09% in 2024
- Vietnam stock market set to accelerate in 2025: Experts
- Vietnam stock market aims for emerging status by 2025: Finance minister
- Vietnam set to extend VAT cut for six months
- Vietnam’s credit growth projected to expand by 16% in 2025
- Regional, international financial centers mean boosters to Vietnamese economy: Deputy PM