Last week on a business trip to the United States, Minister of Planning and Investment Nguyen Chi Dung worked with numerous government authorities, organisations, businesses, funds, and large corporations.

In talks with New York City Economic Development Corporation (NYCEDC), the two sides discussed prospects for cooperation in innovation, technology, research and development, and developing a startup ecosystem.

“The development process of New York City has already moved from an economy based on manufacturing to based on quality services such as finance and communication, and now an economy based on science and technology,” Minister Dung said. “This is a good model with similar features for Ho Chi Minh City to cooperate with and follow, and we hope that the NYCEDC will continue supporting Vietnam in its socioeconomic development process.”

Several months ago, NYCEDC launched an offshore wind and waterfront training programme for businesses led by minorities, women, and disadvantaged people. The Women.NYC Network connects women with opportunities in New York’s emerging industries and growing sectors; and the inaugural Cyber NYC Internship Programme wants to develop and promote the next generation of talent.

“We work with communities to bring emerging industries to the city, develop spaces and facilities for businesses, empower New Yorkers through training and skill-building, and invest in sustainable and innovative projects,” said a NYCEDC statement.

The Ministry of Planning and Investment (MPI) delegation also worked with the leaders of the New York Stock Exchange (NYSE) to learn lessons on developing in developing the markets of stocks, bonds, and derivatives, thereby applying lessons learned to the process of building a financial centre in Vietnam.

“Vietnam needs to have a transparent tax, banking system, and related legal framework that can facilitate all investors,” highlighted an NYSE representative.

Meanwhile, meeting with the Financial Services Volunteer Corps, a non-profit organisation strengthening financial sectors in developing countries, its CEO and chairman Andrew Spinler and Minister Dung and discussed in-depth expertise on building a financial centre in Vietnam.

They evaluated and compared Vietnam’s features with others financial centres around the world, the necessary and sufficient conditions to build a financial centre, and especially the next steps for Vietnam to realise its key targets.

Global investment firm KKR pledged to continue investment and support Vietnam in connecting with international businesses and partners in order to develop a financial centre.

The MPI delegation also met numerous large enterprises and corporations, such as members of the Business Council for International Understanding. They include such as AES, CitiGroup, Mitsubishi America, Davidson Kempner Capital Management, and S&P Global, some of whom are interested in the current investment environment in Vietnam.

Minister Dung asked them to boost investment cooperation and increase their contribution to Vietnam’s socioeconomic development and the comprehensive partnership between the two countries. “This is an important foundation to strengthen investment and trade cooperation, benefiting both sides,” he said.

“I hope that the US investors will pour money into high-quality projects in Vietnam, strengthening links and contributing to improving Vietnamese enterprises’ competitiveness in global value chains,” he added.

Accumulatively as of June, total US registered investment capital in Vietnam reached $11.73 billion for 1,270 valid projects, making the US the 11th biggest foreign investor in Vietnam, according to the MPI.

During Prime Minister Pham Minh Chinh’s visit to the US in May 2022, investors from both nations exchanged cooperation deals and trade contracts worth over $30 billion.

Source: VIR