Long An is completely prepared to receive a deluge of FDI from the United States.

DNHN - The "Conference to Meet Vietnamese Businesses" was attended by members of the Long An Provincial Delegation, as well as leaders of departments, branches, and typical industrial park and production infrastructure enterprises of the province

The Vietnam and US Business Meeting Conference was jointly organized by the Los Angeles Regional Chamber of Commerce, the Vietnam Confederation of Commerce and Industry (VCCI), and additional promotion organizations on November 13, 2023, local time. A conference on foreign investment that was co-organized was held in the Bank of America building. Nguyen Minh Lam, vice chairman of the Provincial People's Committee, and Mai Van Nhieu, vice chairman of the Provincial People's Council, presided over the delegation from the province of Long An.

As a result of the strategic partnership status upgrade between the United States and Vietnam, this event facilitates the exchange of ideas and the promotion of bilateral investment and trade cooperation between the two countries through the participation of numerous industry leaders and experts. Peace, cooperation, and sustainable development in their entirety.

Kenneth Laird Wengrod, vice president of international trade and foreign investment for the Los Angeles Regional Chamber of Commerce, was in attendance at the conference. Richard Sayouty is the Director of the Commercial Services Agency for the United States Department of Commerce. The delegation of Vietnamese infrastructure and industrial production enterprises, the head of the international relations department of the Vietnam Federation of Commerce and Industry, and representatives from the provinces of Long An and Thai Nguyen were attended with the assistance of numerous leaders of American corporations, businesses, and entrepreneurs in the domains of high-tech industry, digital transformation, import-export, services, logistics, and education.

Vice President of the Los Angeles Regional Chamber of Commerce Mr. Kenneth Laird Wengrod stated in his opening remarks that this is an excellent opportunity for American investors to obtain and remain current on information about the economic situation, trade, orientation, and areas of foreign investment attraction of Vietnamese locales in attendance at the conference. He further noted parallels in terms of business culture, approach to development, and collaboration between the cities of Long An Thai Nguyen, and Los Angeles. Simultaneously, it confirmed that the trade agency operating under the auspices of the United States Department of Commerce will serve as the central coordinating agency, overseeing the coordination of endeavors that link bilateral businesses with diplomatic agencies and trade investment promotion organizations. Trade to strengthen bilateral cooperation to achieve common development and prosperity, based on friendly relations that have been strategically upgraded and become more developed.

Mr. Nguyen Minh Lam, Vice Chairman of the Long An Provincial People's Committee, welcomed attendees to the conference by stating that substantive progress has been made in the cooperative relationship between Vietnam and the United States since the two nations upgraded to a comprehensive strategic partnership. He added that the relationship has become increasingly comprehensive and deep based on three pillars of economic cooperation: trade and investment. To improve the quality of the investment environment, the province of Long An will encourage the implementation of innovative solutions and construct specialized support mechanisms for large-scale and capital-intensive projects. Simultaneously, he assured that provincial leaders would accompany American businesses and investors, and he predicted that more American investors would be deploying projects in Long An within the near future. Massive spillover investment initiative to receive a deluge of foreign direct investment (FDI) from nations with the world's most advanced economies.

Long An has established economic relations with approximately forty nations and territories at present, attracting more than 1,200 foreign direct investment (FDI) projects with a combined capital outlay of more than 10.5 billion USD, in the United States alone. With a combined investment capital of more than 484 million USD, there are 23 projects, which places them eighth in terms of total projects and sixth in terms of investment capital. Nevertheless, this outcome is still deemed inadequate in comparison to the investment capacity of American enterprises.

Using video clips and presentations, the province of Long An provided a succinct and targeted introduction to the investment environment at this conference to promote and introduce its opportunities, advantages, and development strategy. Mr. Truong Van Liep, Acting Director of the Department of Planning and Investment, thus confirmed that Long An is strategically significant in that it connects Ho Chi Minh City, the principal economic hub of Vietnam, to Long An. This contributes to Long An's industrial and urban development resonance and its emergence as an exceptionally alluring investment destination in the Mekong Delta region. At present, the province is hosting significant initiatives supported by American investors, including well-known corporations like Pepsi, Coca-Cola, and Avery Dennison.

The provincial planning for the period 2021-2030, with an eye towards 2050, conducted by McKinsey Company, the preeminent planning consulting firm in the United States, has effectively guided the province's progress towards sustainable and high-quality development. A methodical pursuit of FDI investment, with a particular focus on U.S. businesses. Simultaneously, Long An has created optimal conditions to receive US investors through the efforts of the provincial government apparatus to upgrade the socio-economic infrastructure network, streamline administrative processes, integrate digital transformation applications in a forward-thinking and amicable direction, and open and enhance the caliber of human resources by global benchmarks. As a consequence, the province emphasizes attracting investment from American corporations in critical sectors including artificial intelligence, manufacturing components for electronic equipment and software, industry 4.0 automation, smart ecological urban areas development, logistics seaport services, the border gate economy, high-tech agriculture, and renewable energy.

Provincial leaders also observed the signing of a cooperation agreement between the Los Angeles Regional Chamber of Commerce and the Vietnam Federation of Commerce and Industry to facilitate the connection and promotion of promotional activities. investment and commerce between American and Vietnamese companies.

Additionally, as part of the conference agenda, eminent professionals from foreign trade and investment associations and organizations delivered presentations to share their knowledge and assist Vietnamese companies in developing effective business strategies for a comprehensive and robust entry into the American market.

To attract foreign direct investment, Long An province is requesting that businesses and investors from the United States exchange and discuss directly with provincial leaders, accompanying departments, agencies, and businesses, regarding cooperation and investment opportunities in a variety of fields following the conference. Simultaneously, investors are placing particular emphasis on reform measures and the reduction of administrative processes to facilitate the operation of FDI firms domestically. Many American companies expressed their strong admiration for the province's investment environment during exchanges and committed to prioritize research and investment in Long An. We anticipate numerous positive outcomes shortly as a result of the investment and trade cooperation between businesses and municipalities of the two nations, which will foster mutually beneficial relationships for the advancement and prosperity of both nations. sustainable progress.

Vu Dat