VietNamNet Bridge - On the sideline of the UN General Assembly session, Prime Minister Nguyen Tan Dung met with many US business leaders. He also witnessed the signing of contracts worth billion USD between Vietnamese and US companies.

PM Nguyen Tan Dung and NYSE Chairman Jonh Thain

On September 28, PM Nguyen Tan Dung witnessed the signing of many contracts and agreements between Vietnamese and American companies, worth billion USD, including:

-          The comprehensive cooperation agreement between Citigroup and the Vietnam Shipping Lines Corporation (Vinalines), under which Citigroup will assist Vinalines to conduct shipbuilding, ship purchasing, port development, shipyard building projects.

-          A memorandum of understanding between Citigroup and the Vietnam Coal and Mineral Group (Vinacoal) on arranging capital for the bauxite complex project in Lam Dong Province, the Nhan Co aluminum project in Dak Nong Province and Mao Khe power project.

-          An agreement between Vinalines and SSA Marine to increase capital in two projects, the Cai Lan port in Quang Ninh province and Cai Mep in Vung Tau province.

-          A cooperation agreement between the Vietnam Shipbuilding Industry Group (Vinaship) and Credit Suisse, under which the US partner will arrange credit for Vinaship through loans, bond issuance and consulting services.

-          A memorandum of understanding between Vinacoal and Bantry Bay Venture Asia to develop coal basin in the northern delta of Vietnam.

-          A memorandum of understanding between the Vietnam Automobile Industry Corporation and Cummins to set up an automobile engine manufacturing joint venture company in Vietnam with a yearly capacity of 100,000 engines.

-          The comprehensive strategic cooperation agreement between Duc Long Group and Bantry Bay Ventures Asia on developing hydraulic power, real estate, rubber plantation and processing, mining, and processing wood products for export.

On September 27, the Vietnam Oil and Gas Group (PetroVietnam) and Exxon Mobil signed a cooperation agreement in seeking, exploring and exploiting oil and gas in Vietnam and other developing countries.

On the same day, PetroVietnam, Chevron and other partners signed product sharing contracts (PSC) for blocks B, 48/95, and 52/97 offshore Vietnam. 

NYSE wants to be a strategic partner of Vietnam 

In the morning of September 28, PM Nguyen Tan Dung paid a visit to the New York Stock Exchange (NYSE). He witnessed the signing of a memorandum of understanding between the NYSE and the Hanoi Securities Trading Centre (HASTC).

Under the MoU, the two sides will strengthen cooperation in training, experience sharing and developing the transaction system. The HCM City Securities Trading Centre previously signed a similar MoU with NYSE.

“I’m very glad to have an opportunity to return and see the outstanding development of the NYSE - the world financial centre - and witness the signing ceremony between NYSE and HASTC. I hope that the cooperation between NYSE and Vietnamese securities trading centers will help the financial market of Vietnam develop more strongly, contributing to stepping up economic cooperation between Vietnam and the US,” PM Dung said.

John Thain, NYSE Chairman said he believes the cooperation between the two sides will develop strongly in the future.

“We are impressed by great successes of the Vietnamese economy and the leadership of the Vietnamese Prime Minister. On that basis, we hope to build long-term strategic relations with Vietnam,” he said.

He also hoped that in a near future, there would have Vietnamese companies to list on the NYSE.

At 9am, PM Nguyen Tan Dung rang a bell to open the first trading session of the NYSE. PM Dung is the third leader of Vietnam, after former PM Phan Van Khai and President Nguyen Minh Triet, who rang a bell to open the first trading session of the day of the number-one stock exchange of the world. 

Vietnamese PM meets US business leaders 

On September 26-28, PM Nguyen Tan Dung met with many leaders of big groups in the US like Bantry Bay Ventures Asia, Chevron, Exxon Mobil, Conoco Phillips, City Group, Merrill Lynch, Goldman Sach, SSA Marine, Boeing, Gannon, Alco, Sem Group and had lunch at the headquarters of AIG.

In these meeting, leaders of American group expressed their increasing interest in Vietnam and projects in that they are considering.

Chairman of AIG, Michael Sullivan, said that AIG plans to build high-rise buildings in Hanoi and HCM City while Bay Ventures Asia said that it want to invest in the Giang Vo Exhibition Centre in Hanoi.

Matt Daley, Chairman of the US - ASEAN Business Council, said that the council would open its representative office in Hanoi this week.

“Vietnam is one of the most dynamic economies in Asia,” AIG Chairman Michael Sullivan said.

In meeting with US businessmen, the Vietnamese PM said that Vietnam is quickly building its infrastructure so there is great demand of investment in infrastructure and real estate. Foreign investors have good opportunities in the fields of land and railway transport, airport, power, school, hospital, hotel, housing, office, etc.

He said that Vietnam and the US are negotiating and will sign the Investment Protection Agreement soon, which will be a significant legal foundation for investment ties between the two countries.

Viet Lam (from New York)