Etech Vietnam Group has founded a legal entity in the US to begin a venture with the US-based developer of the International Trade & Business Center of Las Vegas (ITBC-LV, USA LLC).
The cooperation contract was inked on May 8 in Hanoi.
The source from Etech Vietnam revealed that both sides have reached a consensus on the capital share ratio, in which the Vietnamese side will hold a 51 per cent stake, and the US partners take the remaining part.
Both sides are set to meet again to discuss the cooperative agenda in an upcoming meeting in the US this July.
|Representatives of Etech Vietnam and ITBC-LV USA LLC called on the Foreign Investment Agency to learn more about the investment opportunities |
The cooperative deal between Etech Vietnam and ITBC-LV USA LLC is expected to be jump-started in November. If it meets its progress targets, the project promises a stable margin rate, laying the bedrock to motivate Vietnamese firms’ to venture into the US market.
During the visit to Vietnam to sign the deal, the two parties called on the Foreign Investment Agency and the Ministry of Planning and Investment to ensure they were well-informed about how to make the outbound investment follow Vietnamese laws and looked into other potential investment opportunities.
|The new entity, Etech USA, is based in Nevada state in an attempt to draw investments across a range of sectors between Vietnam and the US. |
Etech Vietnam finalised setting up a legal entity in the US on February 19. The new entity, Etech USA, is based in Nevada state in an attempt to draw investments across a range of sectors between Vietnam and the US.
Based on the company’s website, Etech Vietnam has been operating in real estate, construction, tourism, import export, and agriculture, meanwhile ITBC-LV USA LLC is well-known for building the iconic $1.5 billion International Trade & Business Center of Las Vegas in Nevada state between 2008 and 2009 when the world economy sank in recession.
Every year, about 20,000 conferences and exhibitions take place there on average, with hotel occupancy touching 95 per cent and the rental office rate surpassing 70 per cent.
The networking between Etech Vietnam and ITBC-LV USA LLC comes in the face of upbeat economic, trade, and investment prospect between the two countries.
In 2022, two-way trade value reached $123 billion, quadruple that seen in 2013. This turned the US into Vietnam’s first export market to hit the $100 billion mark, and Vietnam became the US’s eighth-largest trading partner.
The US is currently the 11th largest foreign investor in Vietnam out of 143 countries and territories making their presence felt in the nation. The total direct investment value exceeds $11.4 billion.
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By Huyen Thuy