A series of Vietnamese businesses signed cooperation agreements with many American partners during President Nguyen Xuan Phuc’s business trip to the US.
In which, T&T Group and UPC Renewables Group signed a memorandum of understanding (MOU) on cooperation in renewable energy in Vietnam. This group also successfully closed 2 deals to import raw materials for animal feed production, and a cooperation agreement with Nutraceuticals dba Au Naturel, Inc on the exclusive distribution of pharmaceuticals. The total value of these cooperation agreements is over US$3 billion.
Besides, Chan May LNG JSC signed a MOU with Excelerate Energy and General Electric to develop the Chan May project in Thua Thien – Hue worth US$3.2 billion. Quantum Group and Kinh Bac Urban Development Corporation and Saigon Telecommunications Technology JSC (Saigontel), a subsidiary of Saigon Investment Group, have also signed an investment cooperation agreement of up to US$30 billion.
Vietjet Air and CFM International Company signed a contract to provide new aircraft engine maintenance services valued at US$ 260 million, raising the total agreement value between the two sides to US$18.5 billion. Bamboo Airways and its partners GE, CFM, International, AviaWorld LCC reached cooperation documents…
Inter-Pacific Import-Export Company Limited (IPPG) also signed investment cooperation agreements with three US partners. to promote the implementation of 45 key projects developed by IPPG in Vietnam…
Previously, in mid-September, ALPEC Joint Venture JSC and FUJI Elevator (Malaysia) signed a strategic cooperation agreement to export products and elevators manufactured in Vietnam to international markets. ALPEC representative said that the two businesses share a clear development goal in the field of elevator manufacturing, helping Vietnamese products to be exported favorably to foreign countries in the context of difficulties because of the epidemic.
Along with cooperation with enterprises in foreign countries, the cooperation between foreign enterprises in Vietnam and domestic enterprises is also expected to bring many positive results. Recently, HSBC Bank Vietnam Limited (HSBC Vietnam) and Con Cung Joint Stock Company signed a cooperation agreement. HSBC Vietnam will provide a full set of banking products and digital solutions for Con Cung.
According to the representative of HSBC Vietnam, HSBC still believes in the Vietnamese economy and the consumer sector will recover quickly when the country reopens. Businesses with their annual turnover from VND 1,000 and 10,000 billion like Con Cung will act as the backbone of the economy, which will become one of the main drivers of Vietnam’s recovery.
According to experts, despite the complicated development of the epidemic, Vietnam is still an attractive and promising investment cooperation market with foreign businesses and partners.
Moreover, thanks to the technology application, online trading, etc., the promotion of trade is no longer as difficult as before. In particular, because Vietnamese enterprises increasingly follow international standards and are transparent in their production and business situation, they also gain the trust of foreign partners.
However, the cooperation agreements signed above are mainly large and reputable enterprises of Vietnam. Therefore, the cooperation between Vietnamese small and medium enterprises (SMEs) with foreign partners is still not easy, because of the SMEs with its weaker prestige, financial potential… they even cannot access information cooperation opportunities.
Therefore, despite many difficulties and obstacles caused by the epidemic, trade promotion programs have been implemented online and recorded remarkable results in cooperation and trade for SMEs.
Most recently, the Korea Trade and Investment Promotion Agency-KOTRA Hanoi said that it has successfully supported online trade connection between 10 suppliers in Incheon, Korea, and more than 20 Vietnamese businesses. According to a representative of KOTRA Hanoi, due to difficult travel conditions, online trading is a solution that has been thoroughly applied and constantly enhanced to meet all the needs of businesses.
At the beginning of September, the 18th China – ASEAN Expo (CAEXPO 2021) was also held online. Mr. Le Hoang Tai, Deputy Director of the Trade Promotion Department (Ministry of Industry and Trade), said that the online exhibition model is a suitable and effective solution to support businesses in promoting their brands, products, and maintaining and expand export activities, as well as participate in distribution channels in the context of the Covid-19 epidemic