Crane Currency explores opportunities in Vietnam

August 31, 2023 | 13:13
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US-based Crane Currency, a prominent currency paper supplier, is seeking expanded opportunities in Vietnam through a new partnership with Polymer Q&T.
Crane Currency explores opportunities in Vietnam

According to a source close to VIR, on the afternoon of August 30, Vietnam’s Deputy Minister of Planning and Investment Tran Quoc Phuong met with Steve Green, the US Commercial Counsellor in Vietnam, and representatives from the US' Crane Currency and Vietnam's Polymer Q&T Technology LLC.

Crane Currency, a distinguished name in the global currency sphere, has been exclusively providing paper for US dollar banknotes since 1801. The company has been a significant supplier, offering both cotton and polymer banknote paper to over 50 central banks from around the world.

According to its official website, some of its prominent clients include the Bank of Guyana, Denmark's National Bank, and the Bank of Ghana, among others. It also supplied print stock for the 2018 Olympic Banknote of South Korea.

Meanwhile, Polymer Q&T, a Vietnamese funded company, is among a select group worldwide to master the technology for multi-layer polymer banknote printing. The company holds an exclusive patent for producing polymer-based banknote substrate and has four patents pending approval at the Intellectual Property Office.

Previously, on August 29, Crane Currency and Polymer Q&T formalised their long-term partnership at the Vietnamese plant, aiming to propel Polymer Q&T's multi-layer paper products to international markets.

The move marks a bold step for Polymer Q&T, a relatively young high-tech company that has invested over VND1.1 trillion ($46.4 million) in its facility.

As the two businesses presented their collaboration and investment plans, Deputy Minister Phuong expressed his delight to welcome Steve Green and the Crane Currency representatives.

Their visit is especially noteworthy, coming just days ahead of US President Joe Biden's scheduled journey to Vietnam on September 9-10.

"This will be the fourth visit by a US president to Vietnam, underscoring the flourishing and ever-evolving partnership between our nations," Phuong remarked.

Applauding Polymer Q&T for its advancements in research and technology, as well as its collaboration with Crane Currency, Phuong emphasised the Ministry of Planning and Investment's enthusiasm for increased business cooperation with American companies.

"It’s a testament to the government's keen interest in attracting US enterprises, especially technologically advanced ones like Crane Currency," the deputy minister stressed.

"Partnering with Polymer Q&T could offer Crane Currency a smooth introduction to Vietnam’s investment and legal procedures," he added.

He also reaffirmed the ministry's commitment to closely guiding businesses in their understanding of investment policies for prioritised sectors. Recognising the novelty of the technology applied in currency production, he urged Crane Currency to diligently study the legal options to avail itself of suitable incentives.

Addressing Polymer Q&T's plans abroad, Phuong asserted that with Vietnam's developmental direction, both the government and the ministry will support Vietnamese enterprises' global ambitions.

After 28 years of formal diplomatic ties and a decade since establishing a comprehensive partnership, the US stands as one of Vietnam’s largest trading partners, marking a significant milestone as the first to exceed $100 billion in exports. Bilateral trade between the nations has surged by over 240 times, rising from $451 million in 1995 to more than $123 billion in 2022.

In investment terms, the US has remained as one of the most significant investors in Vietnam for many years. With nearly 1,150 active projects and a registered capital exceeding $10.3 billion, it ranks 11th out of 141 economies investing in Vietnam. Major US corporations continue to demonstrate a keen interest in the Vietnamese market, further deepening economic ties.

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