Attracting Philippine Investments

 

At a recent conference entitled "Orienting investment, researching companies and introducing investment environment in HCM City” held in Manila, the Philippines by the Vietnamese Embassy in the Philippines and the Ho Chi Minh City’s People’s Committee, Vietnamese Commercial Counsellor Phan Tuan Khoi said the Philippines may import 1.5 million tonnes of rice from Vietnam each year because food production fails to meet the demand of fast-growing population. Vietnamese exporters should actively stockpile rice for upcoming months. However, Vietnamese rice may face stiffer competition from Thai and Cambodian rice; thus, they must pay attention to quality and seek for new partners.

 

Apart from rice, Vietnam exports some 20 types of products to the Philippines. G7 coffee is a favourite drink there but it is not sold by Trung Nguyen Coffee Company but distributed by a Singaporean company.

Mr Benny N. Calada, General Director of United Pharma Vietnam Co. Ltd, said: In 1995, the company invested US$15 million, in a factory in Binh Chanh District, Ho Chi Minh City and is building another US$40 million one in Binh Duong province. The company also plans to invest in laboratories, hospitals and other health services in Vietnam. He said investment environment in Vietnam is the best in the ASEAN region because its economy has regular growth rates and Vietnam offers many incentives. However, Vietnam should provide information on fields it needs to attract outside capital and have more national image marketing programmes in the future.

 

Mr George P. Rosales, Chief Financial Officer of Indochina Region, Pacific Century Group, Philippines, said: Its sales of Century-branded canned tuna are better than expected since it made a debut [in Vietnam] in May 2010. As Vietnam is the third largest tuna exporter in the world, Century Pacific Group plans to build manufacturing plants in Vietnam. He asserted that prices of canned tuna will be much lower. The group is considering its investment projects in Phu Yen, Ba Ria-Vung Tau, Khanh Hoa or Da Nang. George said Vietnam's tuna is a nutritious food but it is not rationally used for daily huge demand in the country and for export. Possibly, processing techniques, tastes and prices, and marketing are not good enough.

 

Mr Benny N. Calada said Philippines businesses are also looking for business partners to cooperate in education, training and management in Vietnam.