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  Foreign Investment

New wave of foreign IT investment expected in Vietnam

Many of the world leading information technology companies are expected to invest in Vietnam following Intel’s recent decision to pour US$300 million into Saigon Hi-Tech Park in Ho Chi Minh City to build an assembly and testing factory, predicted Than Trong Phuc, General Director of Intel Vietnam.

"Intel's investment in Vietnam has echoes among the world's IT community," said Mr Phuc, adding that the project has drawn strong attention and resulted in concrete impacts on the business strategies of other multi-national IT companies in the Vietnamese market.

According to Mr Phuc, IT is developing robustly in China and India, but most multi-national companies are seeking an additional investment destination in order to reduce risks and open new markets in Asia. He said Intel's decision to invest in Vietnam will create a good opportunity for the country to become the primary additional market after China and India.

To be well-prepared for the coming wave of IT investment, Vietnam needs to further develop its Internet infrastructure and strengthen the legal environment relating to investment and technology development matters, said Mr Phuc. In addition, he said Vietnam should train its human resources to meet the market's increasing demand.

Meanwhile, Christophe Desriac, General Director of Microsoft Vietnam, said that with a population of 82 million people and its young people's IT development ability, Vietnam is a potential market for the US software giant. 

Microsoft's top managers, therefore, always pay attention to co-operation programmes with Vietnam in order to achieve the target of narrowing the global digital divide, an initiative put forward by the corporation's Chairman Bill Gates, said Mr Desriac.

According to his predictions, a number of the world's large companies will loose to build assembly and testing factories in Vietnam in the coming time, and Vietnam has the strong potential to become one of the countries with the fastest IT development growth in the region. 

Subra Venkatakrishnan, Software Manager of IBM Vietnam, noted that Vietnam is an emerging market with a GDP growth rate of 7-8 percent annually, ranking second in Asia, only after China. He stressed that Vietnam enjoys a young and active labour force, a stable society and strong government support in the IT area.

Deputy Prime Minister Nguyen Tan Dzung affirmed at the fifth ASEAN Telecommunications and Information Technology Ministers' Meeting (TELMIN-5) in Hanoi last September that Vietnam regards developing the IT and communication industry as a national policy and one of the key weapons to combat poverty.

He said the Government considers the IT and communication sector one of the most important engines of national development. The application of IT advances has helped hasten the country's Renewal process and international integration, refine the competitiveness of the national economy, improve the people's living conditions, and ensure national security and defence.

 

Vietnam Agency - (21/04/2006)


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