Minn. businesses tell Vietnam to address inflation

by Curtis Gilbert, Minnesota Public Radio

ST. PAUL, Minn. — Minnesota businesses explained challenges they face doing business in Vietnam at a forum Friday with the country's ambassador.

The roundtable discussion at the St. Paul Area Chamber of Commerce was part of a two-day Minnesota tour for Vietnam's U.S. Ambassador Nguyen Cuong. It included a private meeting with Gov. Mark Dayton and visits to several of the state's Fortune 500 companies.

With a GDP per capita of $3,300 a year, Vietnam is looking for U.S. companies to invest there. But representatives of several Minnesota companies, including Hormel, told the ambassador that the country's inflation rate is a big problem. Ambassador Cuong promised to address it.

"The government of Vietnam is committed to bringing down the inflation rate to a single digit number this year," Cuong said.

At an estimated 18.6 percent, Vietnam's inflation rate was one of the highest in the world last year.