Spanish companies are continuing the trend of increasing investment forproduction development in Vietnam instead of exporting goods to the 86million-strong market.
Spanish businesses are seeking to buildplants or production facilities in Vietnam in order to take advantage oflow production costs, a plentiful workforce and to expand theirpresence in Asia, Alberto Cerdan, Spanish economic and commercialcounsellor in HCM City said in an interview with Dau tu (InvestmentReview) newspaper issued on Nov. 22.
According to the official, they also want to turn Vietnam into a goods consumption market.
Inthis way, the Spanish companies expect to have a stronger position inVietnam and penetrate Southeast Asia’s third-largest market, he said.
Apartfrom footwear, apparel and the seafood sectors, Spanish firms areinterested in logistics, production of tiles, house utensils, foodflavourings, agricultural products and pharmaceuticals.
They also see more opportunities from infrastructure development projects in Vietnam, he said.
In2010, the Spanish government pledged to provide 500 million EUR to theconstruction of metro route No.5 in HCM City and the Spanish bankBBVT has agreed to provide an additional loan of 100 million EUR.
Throughthe project, Spain wants to help Vietnam build a modern transportinfrastructure network and expects to lure investment from Spanishenterprises, he added.
In addition, Spanish companies havepledged to inject money in the Ke Ga port in the central province ofBinh Thuan and the container port in the Hiep Phuoc urban area, HCMCity.
To assist Spanish businesses to translate their goals intoreality in Vietnam, a Vietnam-Spain Investment and Business CooperationForum will be held in HCM City from November 23-24, with theparticipation of 24 Spanish companies.
The companies are involvedin architecture and urban consultancy, agriculture, automotivecomponents, electronic systems, energy and construction, as well asengineering, fashion retail, metallurgy, footwear, technologicalservices, textiles and water treatment.
Spain has to date invested 25 million USD in 12 projects in Vietnam.
Totalbilateral trade between the countries reached 1.4 billion USD lastyear, a fall of 17 percent compared with 2008 due to the globalfinancial crisis.
Vietnam's exports to Spain totalled 1.275 billion USD while its imports reached 159 million USD.
In the first seven months of this year, bilateral trade reached 650 million USD, a 6 percent increase from last year.
The main exports from Vietnam to Spain are shoes, garments, coffee, seafood, aquaculture products and furniture.
Spain’s exports to Vietnam include chemical and pharmaceuticalproducts, steel, electrical machinery, machine tools, leather and tiles./.
Spanish businesses are seeking to buildplants or production facilities in Vietnam in order to take advantage oflow production costs, a plentiful workforce and to expand theirpresence in Asia, Alberto Cerdan, Spanish economic and commercialcounsellor in HCM City said in an interview with Dau tu (InvestmentReview) newspaper issued on Nov. 22.
According to the official, they also want to turn Vietnam into a goods consumption market.
Inthis way, the Spanish companies expect to have a stronger position inVietnam and penetrate Southeast Asia’s third-largest market, he said.
Apartfrom footwear, apparel and the seafood sectors, Spanish firms areinterested in logistics, production of tiles, house utensils, foodflavourings, agricultural products and pharmaceuticals.
They also see more opportunities from infrastructure development projects in Vietnam, he said.
In2010, the Spanish government pledged to provide 500 million EUR to theconstruction of metro route No.5 in HCM City and the Spanish bankBBVT has agreed to provide an additional loan of 100 million EUR.
Throughthe project, Spain wants to help Vietnam build a modern transportinfrastructure network and expects to lure investment from Spanishenterprises, he added.
In addition, Spanish companies havepledged to inject money in the Ke Ga port in the central province ofBinh Thuan and the container port in the Hiep Phuoc urban area, HCMCity.
To assist Spanish businesses to translate their goals intoreality in Vietnam, a Vietnam-Spain Investment and Business CooperationForum will be held in HCM City from November 23-24, with theparticipation of 24 Spanish companies.
The companies are involvedin architecture and urban consultancy, agriculture, automotivecomponents, electronic systems, energy and construction, as well asengineering, fashion retail, metallurgy, footwear, technologicalservices, textiles and water treatment.
Spain has to date invested 25 million USD in 12 projects in Vietnam.
Totalbilateral trade between the countries reached 1.4 billion USD lastyear, a fall of 17 percent compared with 2008 due to the globalfinancial crisis.
Vietnam's exports to Spain totalled 1.275 billion USD while its imports reached 159 million USD.
In the first seven months of this year, bilateral trade reached 650 million USD, a 6 percent increase from last year.
The main exports from Vietnam to Spain are shoes, garments, coffee, seafood, aquaculture products and furniture.
Spain’s exports to Vietnam include chemical and pharmaceuticalproducts, steel, electrical machinery, machine tools, leather and tiles./.
