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MoU facilitates investment promotion
The Foreign Investment Agency (FIA) of the Ministry of Planning and Investment will work along US-based VQ Partner Company in investment promotion in the US and United Arab Emirates (UAE).
Under a Memorandum of Understanding signed recently in Hanoi, the two sides will open channels of communication and increase information sharing on the investment situation and environment in Vietnam for US and UAE partners to refer to.
The two sides will jointly select investment projects that conform to Vietnam’s needs and the capacity of US and UAE investors, building up an information base for these projects to better facilitate investment inflows into the country.
VQ Partner will also provide FIA with information about US and UAE investors’ requirements relating to investment activities in industrial zones, investment priorities, human resources, and education and training.
Phan Huu Thang, Head of the FIA, affirmed the importance of the agreement, particularly at a time when both the local and international economic environment is shaky. It will create favourable conditions for Vietnam to access FDI from US and UAE partners toward achieving socio-economic development targets, he added.
VQ Partner is an investment promotion consulting firm of MagRabbit Inc. and Algelous Economics Inc., with its headquarters in Texas and a representative office in the UAE.
According to FIA, since Vietnam promulgated its foreign investment law in 1988, the US has 428 investment projects in the country with total capital exceeding 4.2 billion USD; the UAE has one project so far, capitalised at 112 million USD. The countries are ranked 12th and 36th, respectively, of the 84 foreign investors doing business in Vietnam./.
Vietnamplus
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