Maryland has reached a deal to establish a new economic development office in Vietnam.
The move builds on the Free State’s ongoing business relationship with the Southeast Asian country and extends Maryland’s reach into 13 global business hubs.
Maryland exported more than $22 million in goods and services to Vietnam last year, and imported more than $65 million. Department of Business and Economic Development (DBED) Secretary Christian S. Johansson said he expects the new foreign office will create more opportunities for trade and investment between the two countries.
“We looked very closely at Vietnam’s growing economy and are confident that having a presence there will enable us to tap into the tremendous potential for partnerships with Vietnamese companies, as well as encourage investment in Maryland,” Johansson said in a statement.”
The new office will be run by Rockville-based Meiwah International Holdings, an importer-exporter that will essentially work on commission at no direct cost to Maryland. The state has been forging such ties since August 2008, when it opened a South Korean office — the arrangement is less costly to state finances than directly running its own operations on foreign soil, officials say.
In April, the state announced plans to establish another contingency-based office in Delhi to forge business relationships in India
The move builds on the Free State’s ongoing business relationship with the Southeast Asian country and extends Maryland’s reach into 13 global business hubs.
Maryland exported more than $22 million in goods and services to Vietnam last year, and imported more than $65 million. Department of Business and Economic Development (DBED) Secretary Christian S. Johansson said he expects the new foreign office will create more opportunities for trade and investment between the two countries.
“We looked very closely at Vietnam’s growing economy and are confident that having a presence there will enable us to tap into the tremendous potential for partnerships with Vietnamese companies, as well as encourage investment in Maryland,” Johansson said in a statement.”
The new office will be run by Rockville-based Meiwah International Holdings, an importer-exporter that will essentially work on commission at no direct cost to Maryland. The state has been forging such ties since August 2008, when it opened a South Korean office — the arrangement is less costly to state finances than directly running its own operations on foreign soil, officials say.
In April, the state announced plans to establish another contingency-based office in Delhi to forge business relationships in India