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State President has a busy working day in New York

VNGOP – As part of his official visit to the United States, State President Nguyễn Minh Triết had many activities on June 19 in New York City, the first destination in the US trip.

June 21, 2007 7:02 AM GMT+7
President Nguyễn Minh Triết give

President Nguyễn Minh Triết gives speech to the US businesses

In the morning (local time), State President Nguyễn Minh Triết and his entourage paid a visit to the New York Stock Exchange (NYSE Euronext) and witnessed the signing ceremony of a Memorandum of Understanding (MoU) between the Hồ Chí Minh City Securities Trading Center and NYSE Euronext.

Working with the NYSE Euronext executives, the State President emphasized that Vietnam, not only maintaining its average annual GDP growth rate of 7.5% during 2001-2006, is shifting its economic structure toward industrialization, modernization, increasing the role of private sector and stabilizing its macro-economy. Vietnam is giving priority to comprehensive economic reform on the basis of the country’s WTO commitments and other international agreements.

According to the President, in developing its stock market, Vietnam welcomes all bilateral and multilateral cooperation and assistances, especially sharing information and experience, on the basis of equality and mutual benefit. “Vietnam is looking for active support and assistance from US partners in this field. Vietnam also hopes that stock markets from the two countries will set up strategic partnerships in the near future in the interest of the two countries,” emphasized the State President.

Deputy Chairman of the NYSE Euronext board Marshall Carter said  NYSE Euronext is willing to help Vietnam in developing and managing stock exchange transactions. He affirmed that the Memorandum of Understanding (MoU) with the HCMC Securities Center would act as a stronger bridge to span the fledgling Vietnamese bourse with the global capital market, including the NYSE Euronext.

 

President Nguyễn Minh Triết receives Mr. Charles Prince

The same day, President Nguyễn Minh Triết had separate receptions to Citigroup Inc. Chairman and CEO Charles Prince and Ford Foundation President Susan Berresford.

The President applauded Citigroup for its active role in speeding up normalizations of Vietnam-US relations, especially during negotiations on the Bilateral Trade Agreement (BTA) and the Permanent Normal Trade Relations status.

He suggested that Citigroup should work out a strategic vision on Vietnam for stronger investment by itself and in association with its international partners as well. Vietnamese enterprises are going to launch a series of bond issuances and shares abroad, so they are in need of assistance from major banking institutions such as Citigroup, he said. The President also lauded Citigroup for not only its business but also its humanitarian work, including projects on poverty alleviation and healthcare, in Vietnam.

Citigroup Chairman Charles Prince said that, with its international finance and capital mobilizing prestige as well as its Vietnam experience, Citigroup expects to be one of strongest candidates in the bid for issuing the Vietnamese Governmental bonds in the global market. He also looked for Vietnam’s support for Citigroup to take part in the process of equitizing State-owned enterprises, especially those dealing with finance and banking.

After the receptions to the Citigroup executive, State President Nguyễn Minh Triết witnessed the the signing of credit contracts worth almost US$ 500 million for Citigroup loans for the Vietnam Electricity Group (EVN), the Vietnam Coal and Mineral Group and the Vietnam Shipping Corporation (Vinalines).

In his meeting with the Ford Foundation President, Susan Berresford, State President Nguyễn Minh Triết said Vietnamese agencies have expressed satisfaction at the quality and efficiency of Ford Foundation-funded projects in various fields, ranging from financial management to poverty reduction, education and HIV/AIDS control. He praised the Ford Foundation for being a vanguard among US organizations in providing assistance to Vietnam in resolving the Agent Orange dioxin aftermath. “We expect that the Ford Foundation will work with other US organizations and individuals as well as lobby US politicians in increasing support for Vietnam in this field,” said the State President. He also expected that the US non-governmental organization would gear its aid ties to Vietnam to broader dimensions including infrastructure development and research.

For her part, Berresford confirmed the Ford Foundation’s long-term policy in relations with Vietnam, focusing on humanitarian projects to solve the dioxin consequence. The Ford Foundation and relevant Vietnamese agencies should set up an authority on dioxin problems for better cooperation in bringing aid projects to benefit victims, the Ford Foundation President proposed.

 

President Nguyễn Minh Triết at the "Financial investment in Vietnam" Forum

State President Nguyễn Minh Triết attended and delivered a speech to US businesses and financial investors at a forum entitled “Financial investment in Vietnam” jointly organized by the Vietnam Chamber of Commerce and Industry (VCCI), the American Insurance Group (AIG) and the Credit Suisse Group in the afternoon of June 19 in New York. Here, the President witnessed the signing of eight agreements and contracts worth close to US$ 2 billion, including MoUs between the Vietnamese Bank of Agriculture and Rural Development (Agribank) and the US’s Wachovia Bank (worth US$ 700 million) on financial balance restructure, commercial support, trade services, foreign exchange payment and training; the UK’s Standard Chartered Bank (US$ 500 million) on payment services, capital increase, global market products, prestige grading consulting, securities investment and business; and Austria’s RZB bank (US$ 350 million) on loans, commercial support and training.

Talking to over 300 delegates, the President stressed the message: "Vietnam is creating the most favorable conditions for American investors in particular and foreign investors in general. Vietnam is no longer the name attached to war. Today, Vietnam is mentioned as a dynamic and promising Southeast Asian economy with an increasingly favorable environment and attractive policies. Those who have not went to Vietnam should go there to understand the Vietnamese country and people; and those who have done are surely to stay there longer."

 

President Nguyễn Minh Triết and UN General Secretary Ban Kimoon

State President Nguyễn Minh Triết also met with United Nations General Secretary, Ban Kimoon, at the UN headquarters on June 19 in New York.

The State President relayed Vietnam’s foreign policy of openness, diversification and multilateralization of international relations and active integration into the international economy. He added that Vietnam, which is a full member of many important regional and international organizations such as the Association of Southeast Asian Nations (ASEAN), the Asia-Europe Meeting (ASEM), the Asia-Pacific Economic Cooperation (APEC) forum, the Non-aligned Movement (NAM) and the International Organization of Francophone Countries, is eager to contribute to world issues. The Vietnamese State leader said the UN’s Millennium Development Goals (MDGs) have been integrated into socio-economic development and poverty reduction programs in Vietnam as well as the country’s cooperation projects with foreign partners. He also affirmed Vietnam’s determination to implement the MDGs and expressed his administrations desire to continue to receive support from the UN in the future. President Nguyễn Minh Triết went on to convey to the UN's top diplomat his country's assurance that Viet Nam would be capable of the great responsibilities needed if it were to win a non-permanent seat on the UN Security Council for the 2008-2009 term.

For his part, UN General Secretary Ban Kimoon applauded Vietnam’s involvement in the implementation of the “One United Nations” initiative and expressed his belief that Vietnam will become a successful model to use. There are now 20 UN agencies operating in Vietnam with many overlapping activities. The establishment of "One United Nations” would limit the instances of overlapping and increase UN's effectiveness, he said. The UN Secretary General also praised Vietnam as being a pioneer in its Millennium Statements work and should be used as an example for many of the worlds countries.-

Also on June 19, President Triet met with representatives from the US Association of Importers of Textiles and Apparel (USAITA) at its headquarters in New York. He also received a delegation of Vietnamese-Canadians who came to the US to pay a courtesy visit to the President and granted an interview to US TV channel Bloomberg on economic and financial issues and several other US and international media agencies.