Warburg Pincus asked to increase long-term investment in Vietnam

Prime Minister Pham Minh Chinh has urged the US-based global growth investor Warburg Pincus to step up its effective coordination with Vietnamese agencies to increase long-term and sustainable investment in the country.

Prime Minister Pham Minh Chinh (R) welcomes Charles Kaye, director general of Warburg Pincus (Photo:VGP)

At a September 28 reception for Charles Kaye, director general of Warburg Pincus that has poured US$2 billion in Vietnamese firms since 2013, the Government leader applauded cooperation between Warburg Pincus and local partners.

With regard to the Vietnam-US relations, Chinh stated that their bilateral trade reached close to US$87 billion during the past eight months of this year, up around 20% year-on-year.

The US remains Vietnam’s biggest buyer, while Vietnam is the 9th biggest trade partner of the US globally and the biggest in the Association of Southeast Asian Nations (ASEAN).

As of September 2022, the US ranked 11 out of 139 countries and territories investing in Vietnam. The nation has been a magnet for US tech giants like Apple, Dell and Intel, he went on to say.

Chinh suggested Warburg Pincus, with its worldwide network of clients, continue to serve as a bridge helping investors from the US and other foreign countries access Vietnam.  

He asked Warburg Pincus to expand investment in new areas, especially renewable energy, while calling on the investor to provide policy consultation for Vietnam.

The Vietnamese Government will further ameliorate the domestic investment environment, and support foreign investors in the country, Chinh affirmed.

In response, Kaye hailed Vietnam’s efforts and successes in COVID-19 containment and national development, as well as its macro-economic stability given global uncertainties, and infrastructure development, particularly soft infrastructure.

Vietnam is an increasingly attractive and important investment destination for US firms, and one of the five most important investment destinations of Warburg Pincus, he stated.

Concerning Warburg Pincus’s recent operations, Kaye promised to invest in Vietnam for a long term, and expressed his wish to increase investments in the country, particularly in renewable energy at industrial parks and policy consultation.

He also raised some proposals regarding investment projects in Vietnam.

A number of legal documents relating to the proposals are being complied, amended and supplemented to match international commitments and the reality in Vietnam, Chinh told his guest.

VOV