Vietnam, California Boost Political, Economic Ties

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc on August 2, 2005 met Mr. Leland Yee, Assembly Speaker pro Tempore of California House of Representatives, on his working visit to from July 29 to August 7, 2005. Leland Yee’s trip is aimed to seek cooperative ties between the legislature of American state of California and Vietnamese partners. 

The visit also paves the way for the official visit of high-ranking delegation of California Assembly led by Fabien Nunez Speaker of the Assembly by the end of this year. At the meeting, VCCI chairman Vu Tien Loc highly appreciated Mr. Yee’s visit and expressed warm thanks for Yee’s concerns about Vietnam in general and Vietnamese business community in particular. Loc also expressed wishes for stronger economic and trade cooperation between and California . Mr. Yee thanked Mr. Loc, VCCI staff and Vietnamese business for their warm receptions and expressed expectations for expanding economic and trade ties between California and as well as other Asian nations.

Presently, economic relations between and California are still narrow although California is the world-fifth largest economy. Vietnamese enterprises are seeking partners and boost trade ties with US enterprises to serve the strategy to accelerate the development of the Vietnamese economy. At this meeting, General Director of Vietnam Insurance Co. (Bao Viet) Trinh Thanh Hoan said Bao Viet is planning to turn itself into a group and is seeking partners in the , which will help Bao Viet manage and expand insurance, investment, finance and stock markets, develop fund management companies and improve information technology applications. President of the Technological and Commercial Bank (Techcombank) and representatives of the Bank for Investment and Development of Vietnam (BIDV) also expressed their expectations to set up branches in California . Mr. Tran Dang Tuan, Deputy General Director of Hanoi Milk Joint Stock Co. (Hanoimilk) also called for investment from US enterprises in dairy projects of Hanoimilk.

Mai Anh