Governor McAuliffe Announces New Agreement to Foster Economic Development Opportunities between Virginia and Vietnam
~MOU between Virginia and Vietnam will enhance collaboration in business recruitment, trade efforts~
ANNANDALE – Governor Terry McAuliffe today announced that Virginia has signed a Memorandum of Understanding (MOU) with the provincial leaders of Vietnam to evaluate commercial opportunities and foster further trade and economic development opportunities between the two entities. The MOU establishes a platform for cooperation aimed at developing economic development opportunities between Vietnam and Virginia in several industry sectors including: agriculture, education and training, energy, environmental protection, information technology, infrastructure, manufacturing, maritime transport, pharmaceuticals, and tourism, among others.
“I’m pleased to announce this MOU today, a signal that Virginia recognizes the importance of our mutually beneficial trade and investment relationship with Vietnam,” said Governor McAuliffe. “Virginia has a great trade relationship with Vietnam, and with a significant population of Vietnamese immigrants living in the Commonwealth, this is an important step toward further growing our partnership. As we continue these efforts, I look forward to forging new economic development opportunities that generate new investment and job creation, building bridges between Virginia and Vietnam.”
Governor McAuliffe made the announcement today during a Connecting Virginia to Vietnam business networking luncheon and business matching event organized by the Embassy of Vietnam. The MOU institutes a joint working group, meeting on a yearly basis, to discuss opportunities to expand trade and investment and boost economic growth between Virginia and Vietnam.
"Growing Virginia’s relationship with Vietnam is an important component of the Governor's efforts to increase foreign direct investment and grow international trade opportunities,” added Secretary of Commerce and Trade Todd Haymore. “I was honored to sign the MOU with the provincial leaders from Vietnam, and I am hopeful it will foster increased trade, investment, and other economic development opportunities for Virginia and Vietnam businesses alike.”
“The signed MOU and the Connecting Virginia with Vietnam Event are vivid examples of the comprehensive partnership between Vietnam and the United States, in the interests of both countries,” added His Excellency Pham Quang Vinh, Ambassador of the Socialist Republic of Vietnam to the United States. “The Embassy will be a bridge between Virginia and Provinces of Vietnam to implement this MOU and to foster cooperation in many sectors, including: maritime transport and logistics, IT, agri-science, and higher education.”
In 2016, Vietnam ranked as one of the top 15 export destinations for Virginia agriculture and forestry products with nearly $65.5 million in exports.