Trans-Pacific Partnership a boost for US-VN trade: Dung
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The Trans-Pacific Partnership (TPP) trade agreement would boost Vietnam-US trade and benefit the two countries' common development, said Vietnamese Prime Minister Nguyen Tan Dung yesterday.
Dung was speaking after meeting Warburg Pincus Investment Foundation managing director Kenneth Juster, in Hanoi yesterday.
The PM said that he hoped Juster, a former US under-secretary of Commerce, would do more to persuade US officials and businesses to back Vietnam in the TPP negotiations.
He added that the US remained one of Vietnam’s big investors and trade partners, and pledged to create favourable conditions for foreign investors to undertake long-term partnerships in the country.
The PM said that Warburg Pincus’s recent deal with Vietnam’s Vingroup would pave the way for future such partnerships in the country.
Juster said he expected Warburg Pincus and other US investors would enjoy favourable treatment and conduct long-term business here.
Established in New York in 1966, Warburg Pincus is one of the world’s oldest equity firms. It has 14 equity funds and has poured over US$45 billion into nearly 700 companies in 35 countries worldwide.
On May 28, Warburg Pincus committed to buying a 20 per cent stake in Vincom Retail, an affiliate of Vingroup Corporation, at a cost of $200 million (Bt6.2 billion), making it the biggest-ever investment deal by a global equity firm in Vietnam.
