Foreign Media Hails Vietnam's Market

Vietnam is becoming an attractive destination for foreign investors for it highly favorable conditions for doing business, especially the lowest production cost in Asia and cheap and abundant workforce, according to The Forbes, and leading magazine of the US.

 

Vietnam, with a very impressive economic growth and the WTO membership soon, has persuaded giant firms from the US such as Procter & Gamble, Ford Motor, Intel, Wal-Mart, the magazine said.

 

A delegation of the US’s ten companies has arrived in Ho Chi Minh City to seek for investment chances. Among those, United Technologies Corporation (UTC) Louis Chennevert revealed the plan to build a factory to produce components for air-conditioners and elevators in the city shortly.

 

The Courtland Partners Company and some other property enterprises also expressed their great interest to enter the southern hub.

 

Meanwhile, the Japan’s Yomiuri Newspaper said that Japanese firms are extremely keen on Vietnamese market for great potentials and advantages, which is proved by a large influx of investors from the powerful economy is coming into Vietnam.

 

Vietnam’s auto market will be more exciting than that of Thailand within 10-2 years to come, said Honda Vietnam’s deputy general director Asako Suzuki, adding that the company will pour more investment into the country in the coming time.

 

Sumitomo Corporation is seeking cooperation from other companies for a total investment of $16 billion to develop the Van Phong Economic Zone in the central province of Khanh Hoa.

 

The giant hi-tech Matsushita Group has also intended to open two factories to produce cellphones and digital cameras in Hanoi this year, which are designed to make products for exports. It is expected to put the first in use in November.

 

Sony Vietnam also plans to expand its operation and build new factories in the country to meet the rapidly increasing demand for both domestic consumption and exports.

 

As many as 107 Japanese-owned projects got licenses in Vietnam in 2005, the newspaper showed, emphasizing that the country is to welcome a new investment wave from Japan.