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  Foreign Investment

Vietnam becomes an attractive destination for foreign enterprises

The President of the European Chamber of Commerce (EuroCham) Mr Alain Cany has described the decision by more and more US companies to invest in Asia and Vietnam as the right choice. Through joining the WTO and thereby removing US quotas, Vietnam will become the centre for international investors.

According to a survey conducted by the Japan External Trade Organisation (JETRO), many Japanese companies now consider Vietnam the best destination for their foreign investment.

 

The survey was made among Japanese companies operating in India and six ASEAN countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

 


Vietnam took the lead in the survey, becoming an ideal destination for Japanese investors with a rate of 38.8 percent, followed by the Philippines with 26.1 percent, Thailand with 21.6 percent and Singapore with 20.2 percent.

The number of Japanese companies planning to expand production in Vietnam increased and more than half of the Japanese business officials interviewed said that Vietnam has an advantage of production costs which are 10-20 percent lower than China.


French newspaper, Le Forum Economique on April 11 ran an article analysing investment opportunities for the US enterprises in Vietnam, as the latter prepares to join the World Trade Organisation (WTO). The article quoted President of the US Chamber of Commerce in HCM City, Mr Walter Blocker, as saying that Vietnam is one of the world’s most attractive destinations for foreign investors, especially those from the US. US investors said Vietnam has a skilled and hardworking labour force with lower production costs than other countries in the region. After Intel decided to invest US$600 million in Vietnam, the country is gradually turning to produce highly value added products.

 

VOV - (13/04/2006)


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