HUBA Chairman Chu Tien Dung (R) and AmCham Vietnam Executive Director John Rockhold sign the cooperation agreement on July 7 (Photo: VNA) HCM City (VNA) – The Ho Chi Minh City Union ofBusiness Associations (HUBA) has signed an agreement with the American Chamberof Commerce in Vietnam (AmCham Vietnam) to promote their members’ partnershipin transferring technology and expanding investment chances.
Speaking at the signing ceremony on July 7, HUBAChairman Chu Tien Dung said boosting the connectivity and technology transferbetween FDI and domestic businesses is a target of his union’ cooperation withforeign business associations in Vietnam in the time ahead.
Vietnam has been attracting a relatively bigflow of foreign investment, but FDI firms’ transfer and domestic companies’ absorptionof technology remain modest, he noted.
He attributed the problem to Vietnameseenterprises’ lack of necessary preparations for receiving new technologies.Meanwhile, the country’s FDI attraction policy hasn’t had binding conditionsforcing foreign businesses to transfer technology to or support the developmentof domestic ones.
As a result, for a long time, FDI businessesonly focused on capitalising on raw resources like natural resources and lowlabour cost while not paying much attention to making use of the businessdevelopment ecosystem or intelligence resources to improve the value ofVietnamese contribution to their products.
The country also lacks a concrete plan orstrategy for enhancing the connectivity between FDI and domestic firms. Thereare very few technology transfer projects between the two sides at present, andthey have been carried out only between certain businesses or localities, Dungsaid.
He noted that the agreement between HUBA andAmCham is one of the first steps to improve bilateral cooperation to supporttheir member entrepreneurs and businesses in transferring technology, expandinginvestment chances and developing the market in the two countries.
Executive Director of AmCham Vietnam JohnRockhold said trade and investment ties between Vietnam and the US aredeveloping well. To boost the connectivity between US and Vietnamese firms,AmCham will actively realise the cooperation deal. In particular, they willregularly organise meetings and exchanges between enterprises to shareexperience and discuss investment and business opportunities.
AmCham will also encourage US companies to shareexperience, assist and transfer new technologies, and seek and introducedevelopment supporting resources to Vietnamese firms to build a basis forcooperation and mutual support towards sustainable development in the future,he added.-VNA
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