Taiwanese investors keen on Vietnamese market

Taiwanese firms continue to believe Vietnam is a good investment destination, according to Taiwan’s external trade agency.

Speaking at the 18th Joint Business Council between the Vietnam Chamber of Commerce and Industry (VCCI) and the Chinese International Economic Co-operation Association in HCM City on October 4, Shi Hui Huang, chairman of the latter, said Vietnam could also act as a gateway to ASEAN markets for Taiwanese firms.

The event was attended by Vietnamese entrepreneurs and executives from 50 Taiwanese businesses in the insurance, automobile parts, food, cosmetics, health, furniture, electricity, printing, and other sectors.

A 70-strong Taiwanese trade delegation headed by Shi has been in Vietnam since September 28. Hoang Van Dung, deputy chairman of the VCCI, said Taiwan -Vietnam economic relations have developed strongly in recent times, while Taiwan is one of Vietnam’s major trade partners.

By the end of July, trade between the two countries had topped US$6 billion, of which Vietnam’s imports, mainly petrol, plastics and steel, were worth US$5.1 billion. Vietnam exported textile, rubber, and seafood worth US$960 million to Taiwan, a 22 percent increase year-on-year.

As of last December, Taiwan was the largest foreign investor in Vietnam with US$23 billion in 2,146 projects. Some 100,000 Vietnamese guest workers are currently in Taiwan.

The Taipei Economics and Cultural Office in Hanoi said Vietnam has political stability and cultural similarities with Taiwan. It called on Vietnam to improve its infrastructure and offer investment incentives to foreign investors, including Taiwanese.

Taiwanese companies have been investing in Vietnam for more than 30 years. – VOV

Tags: invest in Vietnam, Vietnam FDI, Vietnam FDI 2011, Vietnam investment