PM solicits investment during Nasdaq visit

By Hoang Thu   September 22, 2023 | 09:31 pm PT
After the NYSE earlier this week it was the turn of the Nasdaq stock exchange to get Prime Minister Pham Minh Chinh to ring the opening bell Friday.

Speaking before the opening he said a key item in the recent Vietnam-U.S. Comprehensive Strategic Partnership is to promote bilateral economic relations, trade and investments.

Citing the growing political relations, he called on U.S. firms to invest in priority areas in Vietnam such as startups, innovation, science and technology, education and training, digitization, green transformation, the circular and sharing economies, and energy transition.

Meeting with executives of Nasdaq and Nasdaq-listed firms for more than an hour, he fielded their questions on science and technology development, preferential policies for investment in Vietnam, tourism, newly expanding fields, tax incentives, and others.

Vietnamese Prime Minister Pham Minh Chinh ring the bell at Nasdaq, Sept. 22, 2023. Photo by VnExpress/Nhat Bac

Vietnamese Prime Minister Pham Minh Chinh ring the bell at Nasdaq, Sept. 22, 2023. Photo by VnExpress/Nhat Bac

He promised them that Vietnam would create optimal conditions for investors by strengthening its institutions, mechanisms and policies, developing modern infrastructure and training human resources.

It would also carry out administrative reforms, protect investors’ rights and interests and troubleshoot where needed to improve its competitiveness, he promised.

"We value sincerity and trust in cooperation so that benefits are mutual and risks are shared," the PM said.

Tax policies are consistent nationwide with all localities offering a two-year tax waiver and a 50% waiver for another four years for new investment projects, he said.

For investments in high-tech industrial parks, they extend to four years and nine years, he said. "Vietnam is a developing country with a shifting economy, and so any action must be taken carefully and quickly but sustainably."

Referring to the promising tourism industry, he said Vietnam would develop products and facilities based on its strengths and visitors’ demands, upgrade transportation, develop digital infrastructure, and improve its healthcare system.

It would ensure environment and food safety and hygiene and offers 90-day e-visas to all nationalities.

"With its friendly, hospitable and open people, Vietnam hopes to get people to visit multiple times and stay longer."

Many firms have expressed interest in Vietnam’s electric vehicle market.

Chinh said Vietnam has embraced green transportation, and is prioritizing mechanisms and policies for it and considering investment proposals by these firms.

Nasdaq vice chairman Bob McCooey described the visit by Chinh and his delegation as an honor.

He agreed with the proposal to promote innovative startups and pledged to provide capital to support Vietnamese startup activities.

Nasdaq and the State Securities Commission of Vietnam signed a letter of intent to continue the development of their relations.

On Thursday, Chinh had visited the New York Stock Exchange (NYSE) and rang the opening bell there.

Both the NYSE and Nasdaq, the world’s largest by market cap, are based in New York with the latter specializing in technology and IT stocks.

Many of the biggest tech names like Microsoft, Apple, Amazon, Nvidia, Alphabet, Meta, and Tesla are listed here.

Chinh is in the U.S. from Sept. 17 to 23 to attend the United Nations General Assembly and meet with American leaders, and visited San Francisco, Washington and New York.

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