Prime Minister receives CEO of US investment fund Warburg Pincus

The Prime Minister received Mr. Jefferey Perlman, CEO of Warburg Pincus Group and Chairman of the ASEAN-US Business Council - Photo: VGP/Nhat Bac

At the meeting, Prime Minister Pham Minh Chinh welcomed the delegation of Warburg Pincus' senior leaders to visit and work in Vietnam; highly appreciated the Fund's companionship and sustainable investment over the past decade in Vietnam, including actively supporting the development of the Ho Tram Project in Ba Ria-Vung Tau - one of the largest resort and entertainment complexes in the country, making important contributions to tourism development, job creation and budget contribution.

The Prime Minister acknowledged the efforts and determination of Warburg Pincus in expanding investment in Ba Ria-Vung Tau and Vietnam in general, and highly appreciated the proposal of Warburg Pincus and the People's Committee of Ba Ria-Vung Tau province on investing in the construction of an expressway connecting Long Thanh International Airport with Ho Tram.

The Prime Minister asked Warburg Pincus to continue to coordinate closely with ministries and sectors to soon implement the project, because this expressway is of great significance in enhancing regional connectivity, promoting the development of high-quality tourism and ancillary service industries, and maximizing the efficiency of the Ho Tram project with its very strategic location and great potential to become a major tourist center.

When constructing this route, the total investment capital of the Ho Tram project can meet the conditions under current regulations to be considered for a number of other favorable policies. The Prime Minister requested Warburg Pincus to continue to coordinate closely with the Ministry of Finance , the People's Committee of Ba Ria - Vung Tau province and relevant ministries and branches to report to competent authorities for decision in accordance with legal regulations.

The Prime Minister affirmed that the economic and trade relations between the two countries do not directly compete but complement each other - Photo: VGP/Nhat Bac

The Prime Minister stated that the Vietnam-US relationship has many predestined relationships, different from relationships with other countries; Vietnam is a model in turning enemies into friends, putting aside the past, overcoming differences, promoting similarities, and looking toward the future; thanking the US for supporting a strong, independent, self-reliant and prosperous Vietnam,

The Prime Minister said that Vietnam is a developing country with a transitional economy that still has to overcome the severe consequences of war. Vietnam hopes to continue to receive support and cooperation from the United States, to strengthen and deepen the Comprehensive Strategic Partnership with the United States, including continuing to maintain and promote stable and sustainable economic and trade relations on the basis of equality and mutual benefit, and to strengthen cooperation with US investors in Vietnam.

Thanking the US for postponing the reciprocal tax deadline so that the two sides can negotiate, the Prime Minister affirmed that the economic and trade relations between the two countries do not compete directly but complement each other. Up to now, Vietnam has basically addressed the concerns of the US, proactively cut taxes, purchased more goods from the US and is ready to exchange and negotiate with the US on the basis of mutual benefit, towards a sustainable trade balance, as in the spirit of the recent exchange between General Secretary To Lam and President Donald Trump. The Prime Minister emphasized that there is no reason not to continue promoting bilateral relations because both countries have benefits and the people of both countries also benefit from this relationship.

According to the Prime Minister, although the current situation is difficult and challenging, it is not as difficult as the previous difficulties and challenges that Vietnam has overcome during the struggle for national liberation and reunification, the period of siege and embargo, the period before renovation, the COVID-19 pandemic, etc. Therefore, Vietnam will continue to strongly promote the spirit of self-reliance, self-reliance, flexible and proactive response to overcome difficulties and challenges and rise strongly. Vietnam needs the support and cooperation of all countries, always respects the legitimate and legal rights and interests of partners, listens to valid opinions but does not depend on that support and cooperation.

The Prime Minister also asked Warburg Pincus to discuss with the United States appropriate solutions to promote bilateral trade in particular and cooperation between the two countries in general - Photo: VGP/Nhat Bac

Stating that Vietnam is in great need of capital for development, the Prime Minister asked Warburg Pincus to expand its investment in Vietnam more and faster, as well as support the mobilization of as much capital as possible for both the public and private sectors. Vietnam will actively cooperate to use this capital with the highest efficiency.

The Prime Minister also asked Warburg Pincus to discuss with the United States appropriate solutions to promote bilateral trade in particular and cooperation between the two countries in general; to have a strong voice with the US government to soon recognize Vietnam's market economy status and remove Vietnam from the list of countries with restrictions on high-tech exports.

The Prime Minister said that with the viewpoint of "what is said is done, what is committed must be done", Vietnam will continue to improve the investment and business environment, reform institutions, build infrastructure, develop human resources, cut administrative procedures, reduce time, compliance costs, logistics costs, and enhance competitiveness for businesses. The Vietnamese Government is committed to always accompanying and sharing with businesses, ensuring that businesses operate legally, healthily, and effectively; and is ready to listen to contributions, enhance understanding, and improve cooperation efficiency.

For his part, Warburg Pincus General Director assessed that at an important moment in the Vietnam - US economic and trade relations which are developing very strongly, Vietnam still receives strong support from US businesses.

He affirmed that US businesses consider Vietnam a very reliable partner. Vietnam has been very active in reforming, bringing success in both the short and long term, and US investors believe in Vietnam's potential and long-term prospects.

Regarding bilateral trade, Vietnam has been very active in responding to the concerns of the US side and is continuing to actively remove barriers and obstacles for businesses, including US businesses, and improve the investment and business environment to promote stronger cooperation.

He said that Warburg Pincus and he personally, as Chairman of USABC, are always ready to advise and support mutually beneficial solutions on tariffs between Vietnam and the United States; at the same time, they will continue to strongly advocate other partners about Vietnam's development potential; and actively contribute to the Vietnam - United States relationship.

* Warburg Pincus is one of the world's leading investment management funds, managing over 83 billion USD. Since 2013, Warburg Pincus has invested over 2 billion USD in Vietnam, creating over 40,000 jobs (the 3rd largest investment market in Asia after China and India).

In Vietnam, notable projects such as Vincom Retail, BW Industrial, Techcombank, MoMo and most recently The Grand Ho Tram and Xuyen A Hospital have demonstrated Warburg Pincus' long-term commitment to contributing to the development of infrastructure, finance, commerce and healthcare in Vietnam.

In particular, the Ho Tram project in Ba Ria-Vung Tau is a comprehensive service, tourism and entertainment project with a total investment of 4.23 billion USD, of which about 1.5 billion USD has been disbursed; creating jobs for more than 2,000 workers, and contributing over 2,200 billion VND to the budget in the past 5 years. It is expected that the project will continue to disburse an additional 600 million USD by the end of 2025, bringing the total investment capital to about 2 billion USD.

Ha Van

Source: https://baochinhphu.vn/thu-tuong-tiep-tong-giam-doc-quy-dau-tu-warburg-pincus-cua-hoa-ky-102250418115603818.htm