3:22:34 PM | 12/10/2005
H.E. Mr. Gonzalo Ortiz, the Ambassador of Spain to Vietnam visited on October 10th the main Spanish investment in Southern Vietnam, the FRITTA factory located in Ba Ria-Vung Tau. FRITTA supplies the glazes used in the manufacture of ceramic tiles. He also met with the Peoples Committee and the Industrial Zones Authority of that province.
There are now 4 Spanish invested companies in Vietnam, in the chemicals, leather and handicrafts sector, with a total capital of US$4 million as well as 6 representative offices and 1 branch office.
On the other hand, several Spanish brands have gained a firm foothold in the Vietnamese market in the past few years, such as TEKA and FAGOR home appliances, owing to their excellent quality and design. The Spanish group MELIA also manages one of the best hotels in Hanoi, and the renowned fashion brand MANGO recently opened an outlet in Ho Chi Minh City wich has become an instant success. Last but not least, the engineering company TÉCNICAS REUNIDS participates in the consortium that has been awarded the contract for the Dung Quat Oil Refinery.
Spanish exports to Vietnam grew at an average rate of 19 per cent yearly between 1999 and 2004. Spanish exports to Vietnam surpassed US$103 million in 2004 and are composed mainly of chemicals, machinery, electrical equipment, iron and steel products, motorcycles, ceramic tiles and pharmaceuticals. Vietnam too is rapidly increasing its exports to Spain, which has become Vietnam’s seventh customer in European Union. Vietnamese sales to Spain attained US$ 571 million in 2004, thus giving rise to a trade surplus of US$468 million.
Vietnamese
