PM Phuc appreciates Hong Kong-based TTI’s investment in Vietnam
VOV.VN - Prime Minister Nguyen Xuan Phuc expressed his appreciation for large-scale investment and long-term plans in Vietnam by Techtronic Industries (TTI) – a world-leading Hong Kong-based manufacturer of cordless power equipment while receiving its Chairman Horst Julius Pudwill in Hanoi on August 6.
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| Prime Minister Nguyen Xuan Phuc (R) hosts TTI Chairman Horst Julius Pudwill. |
As a member of the World Trade Organisation, Vietnam has become involved in a number of new-generation free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Notably, with advantages in terms of strategic position, abundant human resources and stable investment climate, Vietnam can provide sufficient conditions for TTI to invest in a strategic production hub and a research and development (R&D) centre to export its products to the global market, Phuc told his guest.
He highlighted Vietnam's great potential for investment, especially in high technology while calling for the group’s greater hi-tech investment in Danang City, Ho Chi Minh City and Hanoi.
Numerous major businesses have invested in Vietnam to produce hi-tech products for export to the global market as a result of incessantly improved investment and business climate, the host leader said, adding that the Vietnamese Government welcomes hi-tech projects, including those of TTI, and it will place priority on supporting the group’ operations.
In reply, the TTI leader said he is greatly impressed with Vietnam, its land and people whilst showing a desire to increase investment in the Southeast Asian nation which, he said, has plenty of long-term business opportunities.
He was also appreciative of the great support given by the HCM City People’s Committee and relevant agencies to his group, noting that TTI will intensify more investment in R&D and also develop a German-standard vocational school to help train Vietnamese technicians.
Alongside TTI's investment in Vietnam, many of the group’s satellite companies are destined to invest in the country to join the supply chain, he said, hoping that thanks to the group's investment in producing electronics and precision engineering products in Vietnam, its revenue will grow further in the time ahead.