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Nov 17, 2017 / 17:19

Fifteen Idaho businesses seek investment opportunities in Vietnam

On November 16, Idaho State`s President, Scott Bedke led a trade delegation of 15 businesses to Ho Chi Minh City for seeking opportunities for investment cooperation in Vietnam.

This is the third mission of the Idaho State to Vietnam in the past 9 years. Idaho officials determined that trade would help the state's economy grow. In the past two years, dairy companies and Vietnamese farms have imported more than 8,000 dairy cows from the western states, including Idaho.
 
Press conference chaired by the Speaker of the Idaho Lower House in Ho Chi Minh City
Press conference chaired by the Speaker of the Idaho Lower House in Ho Chi Minh City

 
According to Megan Ronk, Idaho's Commerce Minister, the State Government is promoting trade promotion and seeking investment partners outside the United States. Accordingly, the preferential policies in Idaho State introduced by Megan Ronk are stable investment environment, good infrastructure to ensure goods circulation, supply skilled labor and tax reduction policy, Ms. Megan Ronk emphasized that projects with capital of $ 500,000 or more will creat jobs for 10 employees, that are enough to enjoy preferential policies.

Exports from Idaho to Vietnam also increased significantly. In 2016, this State exports to Vietnam $11.35 million, a growth of 55% over 2015. The main export items are butter, milk, technology, medical equipment and so on.

Representatives from Idaho State said that they are expanding their activities in the agricultural sector. Therefore, in addition to seeking export partners to Vietnam, Idaho also seeks Vietnamese partners to invest in the US agricultural sector.

Idaho Agriculture Minister Celia Gould added that agriculture occupies a major position in Idaho's agriculture. In particular, milk is the largest source of revenue in agriculture, with 5.8 million tons of milk a year, making it the largest dairy producer in the United States.