Businesses attracted to Vietnam’s fast-growing market
Vietnam’s fast- growing market has attracted a large number of Taiwanese companies that plan to invest in the country in the coming years.
John Tang, director of the Taiwan Trade Centre ( TAITRA) office in Ho Chi Minh City, said Taiwanese companies were among the first foreign investors investing in Vietnam.
Tang spoke to the press on the sidelines of a meeting of 33 Taiwanese companies and their Vietnamese counterparts in Ho Chi Minh City.
About 500- 600 Taiwanese firms operate in the city. Most of them make products for export.
In the future the companies are expected to make products for both Vietnamese and export markets. Many retailers are also expected to enter Vietnam’s retail market, as it has a high growth rate.
In addition, Taiwanese firms plan to invest in a textile production chain in Vietnam in the coming time to benefit from the upcoming Trans Pacific Partnership ( TPP), Tang said.
The visiting Taiwanese companies operate in two major seg- ments, daily commodities and industrial goods and equipment. They hope that co- operation opportunities between Taiwanese and Vietnamese counterparts will materialize soon, Tang said.
The business meeting was part of a trade mission held by the Taiwan External Trade Development Council to Vietnam, Thailand and Indonesia from Aug. 24 to Sept. 2.