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You are hereHome › Newsroom › Arkansas participates in U.S.,Vietnam celebration of 20 years of trade
Arkansas participates in U.S.,Vietnam celebration of 20 years of trade
Wednesday, February 12, 2014 · 12:00 am
WASHINGTON (February 12, 2014) – Vietnam Ambassador Nguyen Quoc Cuong, U.S. Sen. John McCain and Secretary of State John Kerry were joined by U.S. Sen. Mark Pryor along with representatives of the Arkansas Economic Development Commission at an event Monday evening in Washington D.C. to celebrate 20 years of trade between the U.S. and Vietnam. Arkansas was highlighted in Ambassador Cuong’s remarks as it is the location of the first Vietnamese manufacturing facility to be established in the U.S.
In November 2013, Vinh Long, a manufacturer of a variety of home furnishing products made from natural fiber mixed with industrial materials, announced plans to locate its newest facility in Morrilton, Arkansas. The new facility, known as Vinh Long – Arkansas Ltd., will employ 75 people, where storage furniture and kitchen cabinets will be manufactured for potential retailers in North America such as IKEA. The company will invest $5 million in the Morrilton facility.
At the November announcement, Ambassador Cuong said Vinh Long’s decision to locate in Morrilton marked the first time a Vietnamese company has established a manufacturing facility in the United States.
"Vinh Long’s investment in the State of Arkansas shows the growing business relations between Vietnam and the United States,” said Ambassador Cuong at the Vinh Long announcement. “As our two countries are embarking on common endeavors, more jobs and economic growth will be created, here in the United States as well as in Vietnam.”
In February 1994, President Bill Clinton lifted a 19-year trade embargo with Vietnam. The embargo had been in place since North Vietnamese forces captured the city of Saigon in South Vietnam during the Vietnam War. Since lifting the embargo, trade relations between the two countries has seen steady growth. In 2013, total U.S. investment in Vietnam reached $11 billion, ranking the U.S. seventh among foreign investors in the country.
Madam Phan Thi My Hanh, chairman of the board and general director for Vinh Long, said of her company’s decision to locate in Morrilton, “We see great potential for wood-based products manufactured in Arkansas for several reasons, including the fact that Arkansas’s sustainable supply of raw materials fits into our global vision of creating a better life for all people. Strong support from the Arkansas Economic Development Commission and city officials has allowed us to speed up our timeline to get our product to market quickly and efficiently.”
For more information on Vinh Long, visit www.vinhlong.com.vn.