US state promotes investment in Vietnam

A high-level trade mission from the US state of Idaho recently visited Ho Chi Minh City to promote trade and investment activities in Vietnam and the southern economic hub in particular.

This is the third working visit of the state to Vietnam over the last nine years, according to Cong Thuong (Industry & Trade) newspaper.

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 US$11.35 million worth of goods to Vietnam, up 55% 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 US$500,000 or more and generating jobs for at least 10 workers are eligible to enjoy the state’s incentives.

Source: VIR