Prime Minister Nguyen Tan Dung receives the managing director of the Warburg Pincus Investment Foundation, Kenneth Juster, in Ha Noi.—VNA/VNS Photo

HA NOI (Biz Hub)— The Trans-Pacific Partnership (TPP) would raise Viet Nam-US trade and practically benefit the two countries' common development, said Prime Minister Nguyen Tan Dung.

The PM was welcoming the managing director of the Warburg Pincus Investment Foundation, Kenneth Juster, in Ha Noi yesterday.

Dung said that he hoped that Juster, who was once US Under-Secretary of Commerce, would do more to persuade US officials and businesses to back Viet Nam in the TPP negotiations.

He added that the US remained one of Viet Nam's big investors and trade partners, and pledged to create favourable conditions for foreign investors, including US businesses, to undertake long-term co-operation deals.

The PM said he believed that Warburg Pincus' first deal with Viet Nam's Vingroup would pave the way for future transactions in the country.

Juster said he expected Warburg Pincus and other US investors would enjoy favourable treatment and conduct long-term business here.

Established in New York in 1966, Warburg Pincus is one of the world's oldest equity firms. It has 14 equity funds and has poured over US$45 billion into nearly 700 companies in 35 countries worldwide.

On May 28, Warburg Pincus committed to buying a 20 per cent stake in Vincom Retail, an affiliate of Vingroup Corporation, at a cost of $200 million, marking it the biggest-ever investment deal by a global equity firm in Viet Nam. — VNS