Vietnam Trying To Provoke The Major Market Players

Vietnam’s trade ties with Spain is never said to be an untold story. Vietnam is the finest exporter of clothing, footwear, coffee, seafood and wood to Spain, while machinery, engineering equipment, chemicals, steel and pharmaceuticals are the biggest Spanish exports. Spanish firms are still hoping to boost co-operation with Vietnamese counterparts in transportation, construction, energy and telecommunication sectors during a business conference held in the capital.

Prime Minister Nguyen Tan Dung said “Vietnam will do its utmost to boost cooperation with Spain, especially in trade”. These words were recorded on board while receiving outgoing Spanish Ambassador to Vietnam Maria de la Soledad Fuentes Gomez in Hanoi few months earlier.

The Bilateral trade between Spain and Vietnam reached US$1.2 billion last year and has already generated $829 million in the first seven months of this year, up 5 percent from the same period last year. According to Vietnam Chamber of Commerce and Industry vice chairperson Pham Gia Tuc: “The Vietnamese government vowed to create favorable conditions for Spanish firms who wish to invest in large-scale projects, especially in infrastructure construction and subway systems”. According to the analysts, these major developments would start a new page for bilateral trade ties between the two nations, which is expected to increase by more than 30 percent in the next few years.

Denmark is believed to be the world leader in building seaports, maritime transport, producing beer, and developing environmentally-friendly technologies. Danish Ambassador Peter Lysholt Hansen in an interview granted to VOV on the Danish Queen visit to Vietnam says “With US$400 million in FDI in Vietnam, Denmark currently ranks 22nd among foreign investors in the country.”

Danish companies are increasing their trade in Vietnam. During the Vietnam’s Prime Minister Nguyen Tan Dung’s visit to Denmark in September, a number of Danish companies agreed and signed contracts with Vietnamese companies which will surely increase Danish investment in the upcoming years. According to the analysts, if we look deep into the scenario, Vietnam is still doing well but of course, in a final analysis, it’s up to the investment companies.

Danish companies “Maersk A/S” is already building a container terminal in Cai Mep in southern Vietnam together with Vinalines and they are planning further investment together with Vinalines in building container terminal. “Carlsberg” already have strong collaboration and strong presence in the center and in the north. They are increasing their collaboration with Habeco. These are believed to be the two major investors in Vietnam. In addition, clean technology, renewable energy, airport, marine cooperation, IT, cement and beer sector is playing a major role in trade ties between Vietnam and Denmark.

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Posted by Asian Master on Nov 15 2009. Filed under Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry