Investment
The US focuses more investment to Vietnam
A high-level trade mission from the US state of Idaho has recently visited Ho Chi Minh City to promote trade and investment activities in Vietnam and the southern economic hub in particular.
Speaker of the Idaho House of Representatives Scott Bedke said the mission includes 15 businesses operating in cultivation, dairy production, and breeding. He added that the US firms see huge cooperation opportunities in Vietnam.
Idaho has strengths in agricultural and food production, hi-tech industries, and semi-conductor industry. In 2016, Idaho exported 11.35 million USD worth of goods to Vietnam, up 55 percent year-on-year.
Director at Idaho Department of Commerce Megan Ronk said many businesses from the state have upwards of 10-year-old working relationships in Vietnam. She said that Idaho is the biggest dairy producer in the US with 25,000 farms.
In the last two years, Vietnamese dairy companies and farms have imported more than 8,000 milk cows from the US’s western states, including Idaho. Therefore, Idaho wants to seek more cooperation opportunities and share development experience with Vietnamese businesses.
The state’s government is also accelerating activities to draw foreign direct investment from Vietnam, she said. She noted that projects worth 500,000 USD or more and generating jobs for at least 10 workers are eligible to enjoy the state’s incentives.
Vietnam expects the US to accelerate the ratification of an agreement on double taxation avoidance and facilitate negotiations for a governmental agreement on cooperation and assistance between customs agencies, said a high-ranking official.
Regarding future orientations, Vietnam will improve financial legal regulations, fine-tune tax laws such as corporate tax, special consumption tax and individual income tax while promote restructuring and ensure state budget balance.
Director at Idaho Department of Commerce Megan Ronk answers reporters' queries at a press conference
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Idaho has strengths in agricultural and food production, hi-tech industries, and semi-conductor industry. In 2016, Idaho exported 11.35 million USD worth of goods to Vietnam, up 55 percent year-on-year.
Director at Idaho Department of Commerce Megan Ronk said many businesses from the state have upwards of 10-year-old working relationships in Vietnam. She said that Idaho is the biggest dairy producer in the US with 25,000 farms.
In the last two years, Vietnamese dairy companies and farms have imported more than 8,000 milk cows from the US’s western states, including Idaho. Therefore, Idaho wants to seek more cooperation opportunities and share development experience with Vietnamese businesses.
Vietnam expects the US to accelerate the ratification of an agreement on double taxation avoidance and facilitate negotiations for a governmental agreement on cooperation and assistance between customs agencies, said a high-ranking official.
Regarding future orientations, Vietnam will improve financial legal regulations, fine-tune tax laws such as corporate tax, special consumption tax and individual income tax while promote restructuring and ensure state budget balance.
