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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. (Photo: VNA) |
KKR, one of the world's leading investment companies with total assets valued at 528 billion USD, has invested over 2 billion USD 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 PM, Petraeus expressed his desire to further enhance cooperation between KKR and Vietnam.
Welcoming Petraeus back to Vietnam, PM Pham Minh Chinh congratulated and praised the global successes of KKR, including its investments in Vietnam. He highlighted that since Vietnam and the US established a Comprehensive Strategic Partnership, bilateral economic and trade relations have continued to develop sustainably.
Over the past 20 years, the US has been Vietnam's largest export market, and Vietnam has become the 7th largest trading partner of the US, and also its largest partner in ASEAN. The US's direct investment in Vietnam is estimated at 11.94 billion USD, 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 US investments in Vietnam, the PM encouraged US investors to step up new investments and expand existing ones in Vietnam so that the US could soon become one of the largest foreign investors in Vietnam.
The PM 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” defence policy. He stressed Vietnam’s efforts to maintain macroeconomic stability, a peaceful environment, national security, and social order to ensure a favourable climate for investors.
Highlighting Vietnam’s three strategic breakthroughs, the PM underlined the importance of US 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 US 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 PM requested Petraeus to advocate the US government's cooperation with Vietnam. Specifically, he urged the US to support sustainable economic-trade-investment collaboration, recognise Vietnam as a market economy, and remove restrictions on high-tech exports to Vietnam. He also requested that the US refrain from trade defence 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 PM’s proposals. He expressed his delight at the continued sustainable development of bilateral economic and trade relations following the establishment of the Vietnam-US Comprehensive Strategic Partnership.
Congratulating the Government of Vietnam and the US-based NVIDIA Corporation on signing a cooperation agreement to establish NVIDIA's Research and Development Centre for Artificial Intelligence (AI) and an AI Data Centre 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, characterised by an abundant labour force, increasingly modern and synchronised infrastructure, stable political, security, and defence 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./.