American and Vietnamese firms sign business deals

Tuesday, Feb 16, 2016 18:41

United States President Barack Obama (right) welcomes Viet Nam Prime Minister Nguyen Tan Dung to the US-ASEAN summit in California. — VNA/VNS Photo Duc Tam
HA NOI (Biz Hub) — Vietnamese corporations on Monday (United States time) inked several investment and business co-operation deals with American firms on the sidelines of the ongoing ASEAN-United States summit in Sunnylands, California.

The signing of the deals took place in the presence of Prime Minister Nguyen Tan Dung.

The Bank for Investment and Development of Viet Nam (BIDV) signed an agreement with BIDV Metlife Life Insurance Limited Liability Company, a joint venture between the United States-based Metlife and BIDV, on expanding the life insurance business in Viet Nam.

Accordingly, the two sides will exchange information and experience as well as introduce opportunities in finance and life insurance to each other. Additionally, BIDV Metlife will help BIDV develop Bancassurance, an insurance product sold at banks, and several all-in personal financial services.

The US-ASEAN summit takes place in Sunnylands, Carlifornia. —  VNA/VNS Photo Duc Tam
During the signing ceremony, Viet Nam's Bien Dong Seafood Co Ltd also signed contracts for the supply and development of fishery products with the American H2Origins Seafood Inc firm.

Bien Dong Seafood and H2Origins Seafood will work together to increase seafood sales in the American market to more than US$300 million over the next three years. They also aim to boost their market share to more than 40 per cent by sharing market intelligence and developing new high-quality seafood products for the United States market.

Another deal was signed between the Thai Group and Hyatt Hotel Corporation about developing the Park Hyatt brand in Viet Nam. The Thai Group and Chicago-based Hyatt agreed to build a $165-million Park Hyatt hotel in Ha Noi. The 300-room luxury hotel is expected to be completed in 2018. — VNS

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