Industrial zone planned for overseas Vietnamese

October 31, 2006


(30-10-2006)

A Sa Pa resort developed by American Technologies Inc is managed by Dinh Duc Huu, an overseas Vietnamese man from the US. — VNS Photo Truong Vi

HA NOI — The first industrial zone for Viet kieu (overseas Vietnamese) is to be set up in a bid to help overseas Vietnamese develop business opportunities in Viet Nam from the country’s WTO entry, asserted Chairman of HCM City’s Overseas Vietnamese Business Association Phan Thanh.

Covering an area of 337ha in Cu Chi District in HCM City, the Overseas Vietnamese Industrial Zone with an investment of US$50 million, is expected to mainly attract overseas Vietnamese businesses in fields such as information technology, electronics and electricity when fully operational by the end of 2007.

The industrial zone’s operation will play an important role as an effective bridge to bring overseas Vietnamese investors back to their homeland, Thanh said.

The proposal of the construction zone has been received with much support and investment from overseas Vietnamese worldwide, he added, saying that they were eager to have a permanent opportunity for investment and business in their native land.

Now is the right time to build an industrial zone like this as it will initiate a new wave of investment from overseas Vietnamese giants with a great source of reserved capital, Thanh confirmed.

Many overseas Vietnamese enterprises have been paying a lot of attention to Viet Nam’s admission to the WTO. They were surprised at the country’s strong growth rate and look to come back to Viet Nam with the hopes of contributing to their native country and tapping money making opportunities, Thanh added.

To date, there are 15 overseas Vietnamese registered to operate in the zone, even though it is still pending construction.

Additionally, the association is preparing to establish an overseas commercial Vietnamese investment bank of which capital will be mobilised mostly by overseas Vietnamese. Together, the bank and the industrial zone will co-operate to develop and assist overseas Vietnamese businesses’ performance more efffectively.

However, overseas Vietnamese investment will likely be limited due to information obstacles. They still have little understanding of information in the economic environment as well as lacking luring investment policies, Thanh expressed.

At present, while the number of information channels of the government, bodies, sectors and associations have been expanded, they are still far behind that of other countries in the region, as well as all over the world.

Therefore, the expansion of information in developing countries calls for further investment, and is the most necessary work at the time being, he assured. — VNS

The zone is expected to be a bridge to link to not only overseas Vietnamese businesses, but also foreign investors worldwide to the flourishing country, stated Thanh. — VNS

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