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(QNO) - Two Memoranda of Understanding (MoU) between Truong Hai Auto Corporation and Oakland are hoped to open up opportunities for bilateral cooperation in investment and trade between Quang Nam (Vietnam) and California (USA) in the future.
Unexpected meeting
It was surprising when the delegation from California (USA) chose Quang Nam as one of the localities for their trip to Vietnam at the beginning of August 2023. The others were Hanoi, Ho Chi Minh City, Da Nang, and Long An.
According to the Ministry of Foreign Affairs of Vietnam, the US delegation visited Vietnam to seek investment and cooperation opportunities in Vietnamese localities and, at the same time, call for investment from Vietnam to Oakland, the San Francisco Bay Area, and California.
Deputy Chairman of the Quang Nam provincial People’s Committee Ho Quang Buu said that the meeting created great opportunities for both parties.
The San Francisco Bay Area may be a big market for Vietnamese products. Meanwhile, Quang Nam has many advantages in terms of logistics, investment environment, cheap labor, low investment costs, etc.
Mayor Sheng Thao of Oakland City hoped that there would be investment cooperation between Oakland and Quang Nam on the development of ports, clean green energy, import and export, and fighting against climate change in the direction of digitization and modernization.
Reportedly, there are currently 100 investors from California in Vietnam and over 70 Vietnamese projects in California. The visit of the delegation from California was an opportunity for Quang Nam’s on-the-spot investment promotion.
On this occasion, Quang Nam sent the delegation a list of 42 priority projects for foreign investment attraction in 2023, including high, modern and clean technology; deep processing technology of natural medicinal products (including Ngoc Linh ginseng); pilot projects on forest carbon credit business.
According to Thaco Auto Corporation, the US is the key market for Thaco products, mainly semi-trailers, mechanical products, and spare parts.
Thaco’s export revenue from the US market was USD 150 million in 2022. It is expected that the number will be USD 180 million in 2023.
Big opportunities
Two Memoranda of Understanding between the California delegation and Thaco Corporation were signed at the meeting.
Accordingly, Thaco Industries will provide Oakland Port with equipment for port infrastructure and use the port for importing goods into the US.
Thaco Industries and California Waste Solutions, Inc. cooperate to manufacture and supply products and equipment for the environment and recycling.
Thaco Corporation has been known as one of the best suppliers of semi-trailers to the North American market, which confirmed Thaco’s production capacity and the quality of its products.
Besides, Thaco has built a logistic centre, or container port, that can transport imports and exports in large volumes.
Thaco is also implementing a project on cooperation in the mechanical industry and supporting industry in Chu Lai.
Two Memoranda of Understanding will provide opportunities for Thaco to enter the US market. At the same time, the California business community was very interested in the list of 42 projects Quang Nam gives priority to, and they talked about cooperation on a large scale.