KKR, one of the world's leading investment companies with total assets valued at USD 528 billion, has invested over USD 2 billion in Vietnam through investments into major corporations such as Masan, Vinhomes, Equest, KiotViet, and most recently Saigon Medical Group (MSG).
During his second visit to Vietnam and meeting with the Vietnamese Prime Minister, Petraeus expressed his desire to further enhance cooperation between KKR and Vietnam.
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Prime Minister Pham Minh Chinh (right) and David Petraeus, a Partner at the Kohlberg Kravis Roberts (KKR) global investment firm and Chairman of the KKR Global Institute |
Welcoming Petraeus back to Vietnam, Prime Minister Pham Minh Chinh congratulated and praised the global successes of KKR, including its investments in Vietnam. He highlighted that since Vietnam and the U.S. established a Comprehensive Strategic Partnership, bilateral economic and trade relations have continued to develop sustainably.
Over the past 20 years, the U.S. has been Vietnam's largest export market, and Vietnam has become the 7th largest trading partner of the U.S., and also its largest partner in ASEAN. The U.S.'s direct investment in Vietnam is estimated at USD 11.94 billion, with over 1,400 projects, ranking 11th among foreign investors in the Southeast Asian country.
Acknowledging the vast potential for economic, trade, and investment cooperation between the two countries, particularly for increased U.S. investments in Vietnam, the Prime Minister Pham Minh Chinh encouraged U.S. investors to step up new investments and expand existing ones in Vietnam so that the U.S. could soon become one of the largest foreign investors in Vietnam.
The Prime Minister reaffirmed Vietnam’s commitment to building an independent and self-reliant economy while deeply integrating into the global economy and adhering to its “Four No’s” defense policy. He stressed Vietnam’s efforts to maintain macroeconomic stability, a peaceful environment, national security, and social order to ensure a favorable climate for investors.
Highlighting Vietnam’s three strategic breakthroughs, the Prime Minister Pham Minh Chinh underlined the importance of U.S. investments and projects. He assured that Vietnam is ready to listen to, engage in dialogue, and address any obstacles to improve the business environment and create optimal conditions for U.S. enterprises to succeed in Vietnam.
He also called for closer collaboration between KKR and Vietnamese ministries and sectors to explore investment opportunities and foster connections between Vietnam and KKR’s global partners.
On this occasion, the Prime Minister requested Petraeus to advocate the U.S. government's cooperation with Vietnam. Specifically, he urged the U.S. to support sustainable economic-trade-investment collaboration, recognize Vietnam as a market economy, and remove restrictions on high-tech exports to Vietnam. He also requested that the U.S. refrain from trade defense measures against Vietnamese exports or any actions that could negatively affect the flourishing relationship between the two countries.
For his part, Petraeus agreed with the Prime Minister’s s proposals. He expressed his delight at the continued sustainable development of bilateral economic and trade relations following the establishment of the Vietnam-U.S. Comprehensive Strategic Partnership.
Congratulating the Government of Vietnam and the U.S.-based NVIDIA Corporation on signing a cooperation agreement to establish NVIDIA's Research and Development Center for Artificial Intelligence (AI) and an AI Data Center in Vietnam, Petraeus noted that the KKR investment fund has significant potential and interest in investing in this sector in Vietnam.
Praising Vietnam's investment environment, characterized by an abundant labor force, increasingly modern and synchronized infrastructure, stable political, security, and defense conditions, and the government’s receptiveness to the voices of businesses, Petraeus suggested Vietnam further enhance its business and investment environment. This includes improving infrastructure, streamlining administrative procedures, and fostering conditions that enable businesses, including KKR, to invest more effectively, sustainably, and for the long term.
Source: VNA