EuroCham: Vietnam safe for overseas investors

The European Chamber of Commerce (EuroCham) stated that Vietnam is “a safe place for foreign investors” during talks between representatives of a number of European businesses and the Vietnamese Ministry of Trade and Industry in Hanoi on April 27.

At the event, EuroCham President Alain Cany confirmed that Vietnam remains an important partner for the EU, particularly in trade, and praised the country’s growth rate, its dynamism and untapped potential.

Cany highlighted the EuroCham’s important role in Vietnam’s industrialisation and international integration since it was among the first partners to assist the Vietnamese Government to implement its integration programme.

Acknowledging the contributions EuroCham and the European business community have made, Minister of Industry and Trade Vu Huy Hoang called on them to speed up the disbursement of capital to their ongoing projects here.

He confirmed that in its foreign policy, Vietnam places a lot of importance to its relationship with Europe and sees EU’s assistance and co-operation as matching with the Vietnamese Government’s socio-economic development priorities.

“There is a huge opportunity for Vietnam and the EU to further develop their co-operation and investment in industries, especially in mechanical engineering, petro-chemistry, hi-technologies and new forms of energies,” said the minister.

He pointed out the effectiveness of European-invested projects in Vietnam, most of which are engaged in Vietnam’s leading sectors, such as oil and gas exploitation, infrastructure construction, telecommunications, banking, power generation and food processing.

Currently, European companies have 796 investment projects up and running in Vietnam. Those projects have a combined registered capital of nearly US$12 billion, with US$7 billion already disbursed.

Vietnam and the EU have had a total two-way trade value of US$76 billion in the last nine years, of which US$50 billion was Vietnamese exports to Europe.

Last year, Vietnam made US$10 billion in exports to the EU, representing a 17.6% increase over 2007.

The country is targeting exporting US$12 billion worth of products to the EU by 2010. (VNA)

• FamilyMart eyes Vietnam’s potential market -08/05/2009
• Vietnam pledges closer co-ordination to overcome crisis -08/05/2009
• Golf course chemicals may pollute water -08/05/2009
• Vietnam earns US$18.63 billion from exports in four months -08/05/2009
• Vietnam, Indonesia promote economic ties -08/05/2009

• ADB grants a US$25 million loan to support SMEs -08/05/2009
• Retail petrol, kerosene prices up by VND 500 a litre -08/05/2009
• HCMC Infrastructure Co. says first-half profit to rise 51 pct -08/05/2009
• Vietcombank plans rights issue for small shareholders only -08/05/2009
• Construction industry has bottomed: insiders -08/05/2009