Vietnam has the right to choose appropriate investors and those of low-quality projects would not be welcomed, Vietnamese Prime Minister Nguyen Xuan Phuc stressed while hosting Horst Julius Pudwill, chairman of Techtronic Industries (TTI) – a Hong Kong-based manufacturer of cordless power equipment, the Government Portal reported.

Phuc elaborated that the Vietnamese government always welcomes and prioritizes high-tech projects including those of ITT.

The Vietnamese PM highly valued TTI’s investments in Vietnam over the past years with large-scale ones and long-term commitments.

Vietnam is committed to creating a favorable environment for investors including TTI as Vietnam is a member of World Trade Organization (WTO) and has been joining many new-generation trade agreements, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU- Vietnam Free Trade Agreement (EVFTA). The country is in the negotiation process to conclude the Regional Comprehensive Economic Partnership (RCEP), the prime minister noted.

With a strategic location, productive manpower and a steady investment environment, Vietnam has sufficient factors to be TTI’s strategic production hub and a research & development center to export its products to the world, Phuc affirmed.

The PM also said that Vietnam has huge potential for investment especially high-tech projects, thereby, he suggested the Hongkong-based manufacturer to expand its investment to Vietnam’s three biggest cities including Hanoi, Danang, Ho Chi Minh City.

For his part, Chairman of TTI Horst Julius Pudwill expressed his desire to invest more in Vietnam and export ITT’s made-in-Vietnam products to the global market.

Pudwill expected TTI’s revenue in Vietnam will strongly rise as the group intends to invest more in research and development centers and vocational training schools according to Germany standards to train Vietnamese engineers.