Aug. 21 – Indian power equipment company, Bharat Heavy Electricals Limited (BHEL) has bagged a US$50 million contract to build a 200-megawatt (MW) hydroelectric power plant in Vietnam.
The Nam Chien Hydro Power project aims to meet the country’s growing energy demand and join its rapidly growing power sector that is expected to expand by 16 percent annually. The project will be financed through a US$45 million line of credit given by the Indian government and managed by the Export Import Bank of India.
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Aug. 8 – Vietnam has surpassed India to move to second behind China in apparel exports to the United States, shipping garments worth US$4.76 billion in May this year against India's exports of US$3.14 billion.
Out of the total US$73 billion dollars annual imports by the US till May-end, Vietnam managed to capture 6.55 per cent share while China remained the largest exporter to the American market with 30.6 per cent share, according to data released by the U.S. Department of Commerce. Read the rest of this entry »
May 5 – Although America is in a de facto recession, sending both trade and stocks into a slump from Germany to Jakarta, international businesses seem as eager as ever to pour investment capital into Vietnam.
No doubt some of the influx comes courtesy of ongoing government efforts to accelerate FDI disbursements. The government hopes to attract US$22 billion in FDI for 2008, and disburse more than $10 billion. With $8 billion of FDI in the first four months of this year alone, Vietnam seems well on its way to hitting its 2008 target.
Recent FDI projects are representative of the breadth and scope of international business that sees Vietnam as a profitable frontier for international expansion.
UK real estate investors Protego will have a fund worth some half billion U.S. dollars established in Vietnam by late June. The fund will focus on upscale apartments, luxury estates, and branded resorts in suburban and coastal areas of Vietnam. Domestic developer Qudos Asia and HBP Group will partner on the massive project. Read the rest of this entry »
April 3 – Vietnam’s gross domestic product will grow for the third straight year at eight percent this year according to a recent World Bank report.
In the report, “East Asia: Testing Times Ahead,” the World Bank described Vietnam as a “growth pole in the world economy, providing a possible counterweight to the slowing industrial economies.”
The report predicted a growth of 7.3 percent for East Asia overall, excluding Japan which is expected to turn in a sluggish one percent.
The World Bank forecast a 22 percent growth in Vietnam’s real export, and an 11 percent growth for fixed investment in industrial assets despite a U.S. recession that is slowing exports. Read the rest of this entry »
