PHI Group Inc (PHIL)

[veloyt]

this is from Mr 40 and wonder if it might play into what PHIL is all about


Why US invest $ 1.2 billion, the largest expense in history to build a new embassy in Vietnam?

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The US Embassy complex to be built in Vietnam has an investment capital of up to $1.2 billion, nearly $500 million more than the largest US embassy in the world. Ambassador Pham Quang Vinh gave three important reasons for the US to build a new embassy on a large scale in Vietnam.
August 27, 2021

Currently, the largest US embassy in the world is located in the Iraqi capital Baghdad. Located on 42 hectares of land, this is also the largest embassy in the world, and about five times larger than the US embassy in Yerevan, which is the second largest US diplomatic facility abroad. The embassy complex in Baghdad cost up to $750 million to build.

The second largest US embassy in the world is in the Armenian capital Yerevan. Completed in 2005, this project is located on an area of nearly 90,000 m2. The third largest US embassy in the world is in Beijing, China. The 8-storey building is located on 46,000 m2, with a total cost of 434 million USD.

It can be seen that, with a construction investment of up to 1.2 billion USD, the US embassy built in Vietnam will become the most expensive embassy in the world, 200 million USD larger than the UK court, more than 500 USD. million USD compared to the whole in Baghdad, especially worth nearly 3 times more than the US embassy in China.

Why did the US invest in building the most valuable embassy in Vietnam?

Speaking about the relationship between the two sides, US Vice President Kamala said that Southeast Asia in general and Vietnam in particular are of special importance and significance for the US. The fact that the US has signed a land lease agreement to build a new embassy in Hanoi for up to 99 years is evidence of the US's long-term commitment to the cooperative relationship with Vietnam.

In addition, deciphering the investment in building an embassy worth 1.2 billion USD in Vietnam, Ambassador Pham Quang Vinh - Former Deputy Minister of Foreign Affairs, former Ambassador Extraordinary and Plenipotentiary of Vietnam to the US, said, when a country decides to invest in building an embassy, it is not just a building. The embassy demonstrates how important Vietnam is to America's cooperation with the region and with Vietnam. "It must be enough for the relationship between the two countries and the regional position for the US to decide on foreign policy priorities and make big investments here," Vinh commented.

According to Forbes, recently, the trade partner with the fastest growing bilateral turnover with the US is Vietnam. Bilateral turnover in the first 6 months of 2021 between Vietnam and the US increased by more than 50% over the same period in 2019. Vietnam's trade surplus to the US in the first 6 months of the year ranked third after China and Mexico.


According to a report by the Ministry of Industry and Trade of Vietnam, in the first 6 months of 2021, the US is Vietnam's largest export market with a total value of nearly 45.1 billion USD. This has proved the importance of Vietnam in the US trade promotion strategy.

In particular, Ambassador Pham Quang Vinh also pointed out three reasons why the US built the most valuable embassy compared to the US embassies that have been built in the world.

"First of all, the relationship between the two countries, both bilaterally and regionally, proves that the US needs to have an apparatus, including a larger building, enough to carry out the more important task because the momentum the two countries have created.

Secondly, it is definitely necessary to commit to a long-term cooperation with Vietnam, as well as the region, to have this event.

Third, this is a story of cooperation to remove procedural difficulties, "reciprocity" and mutual advantages between the two countries", said the former Ambassador Extraordinary and Plenipotentiary of Vietnam to the US.

According to Ms. Kamala Harris, the 99-year term for the Embassy represents a long-term commitment. Mr. Pham Quang Vinh commented: "There will probably be many more 99 years, I believe so".

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