Several U.S. firms sign deals to invest in Viet Nam

Several U.S. companies signed deals to invest in Viet Nam during a visit by the Vietnamese prime minister to Washington on Tuesday, that aims to further expand business between the two countries.

"These are important investments that will improve Vietnamese productivity and add to the growing economic partnership between our countries," Commerce Secretary Carlos Gutierrez said in a statement.

Gutierrez and Vietnamese Prime Minister Nguyen Tan Dung met privately before the two officials presided over the signing of several commercial deals.

The Vietnamese prime minister is due to meet with President George W. Bush on Tuesday.

The Commerce Department said the new arrangements seek to expand already growing U.S. exports to Viet Nam, which grew by close to 73% in 2007.

New York-based Alcoa Inc, one of the firms, said on Tuesday that it had signed a cooperation agreement with the Viet Nam National Coal-Mineral Industry Group to help develop the aluminum industry in the Asian country.

Motorola signed contracts worth $28 million with a Vietnamese post and telecommunications group, while Texas-based Sabre Holdings signed a memorandum of understanding with Viet Nam Airlines Corp to purchase online booking and other operations. (Reuters)