Vietnam is willing to create favourable conditions for foreign companies, including those from the US, to invest and expand business and production in the country, said Vice Chairman of the National Assembly Phung Quoc Hien.
Hien made the pledge while receiving a delegation from the US-based clothing company Hanesbrands Inc., led by Jerry Cook, Vice President, Government and Trade Relations, in Hanoi on June 12.
Speaking highly of the thriving Vietnam-US comprehensive cooperation and especially bilateral economic ties, the NA Vice Chairman affirmed that Vietnam always regards the US one of the country’s leading trade and economic partners.
Two-way trade surged to more than 60 billion USD in 2018 from just 450 million USD in 1994, he said, adding that the US has been Vietnam’s largest export market in many years, while Vietnam is among export markets with the highest growth of the US.
Hien told his guests that Vietnam has been paying attention to the development of science-technology and spearhead economic sectors during the process of international integration. The country always welcomes leading firms from the US and expects to build business relations in the global supply chains, he said.
The Vietnamese legislature is working to complete the country’s legal system towards openness, transparency and international standards, Hien stressed.
The lawmaker expressed his hope that Hanesbrands Inc. will further contribute to Vietnam’s sustainable development targets and the enhancement of Vietnam-US economic cooperation.
For his part, Cook said US firms highly evaluated the Vietnamese government’s support in improving the business and investment climate, particularly in terms of tax issues.
Hoping that Vietnam would better join the global production chains, he said Hanesbrands Inc. wants to strengthen cooperation with Vietnam in its plan to expand production in the country.
In Vietnam, Hanesbrands Inc. has two companies in northern Hung Yen and central Thua Thien-Hue provinces, raking in nearly 400 million USD from exports. Vietnam is currently Hanesbrands Inc.’s largest production hub in the world, with about 12,000 workers who make 26 percent of its total products.
- Without a China trade deal, the U.S. will hike tariffs: Trump
- US-China trade war has caused major shift in global trade landscape, says Li & Fung
- US and South Korea reach agreement on guaranteed market access for American rice
- S. Korea, Japan Fail to Narrow Gaps in WTO Talks on Tokyo's Export Curbs
- Trump misses his own deadline to impose ‘Section 232’ auto tariffs on foreign-made cars and parts