VietNamNet Bridge – Vietnam is not the largest trade and investment partner of the US in Southeast Asia but it is the fastest-developing market of the US in this region.
On the sideline of the Conference of US Commercial Offices in Southeast Asia 2007, held in Da Nang city from September 19-22, VietNamNet had an interview with US Consul General in HCM City Kenneth Fairfax and Dan Harris, US Deputy Assistant Commerce Secretary, about trade and investment cooperation between Vietnam and the US in the World Trade Organisation (WTO) era in Vietnam.
What do you think about the operations of the US Commercial Office in Vietnam?
Kenneth Fairfax: Vietnam is a fast-growing economy, which is integrating into the world economy and is developing internally. The US Commercial Offices in Hanoi and HCM City have exerted efforts to introduce American products, services and technology into Vietnam and they have been successful in this task. Since the Vietnam-US Bilateral Trade Agreement took effect in 2001, the quantity of US goods exported to Vietnam has increased by more than two times.
Apart from promoting trade, our commercial officers in Vietnam also positively contribute to developing the bilateral ties between the two countries, through participating in projects like STAR to help Vietnam prepare more carefully for integration.
The signing of the BTA and the implementation of STAR have not only created the boom in two-way trade but also helped prepare the foundation for Vietnam’s accession to the WTO.
We are pursuing those operations by programmes aimed at significant issues like intellectual property, the quality of business management, etc. Of course, our commercial officers are not alone. They are part of the achievement which is contributed by thousands of Vietnamese and American people, who have joined hands to improve the Vietnam-US relationship and help Vietnam reach the goal of building a market-oriented economy, successfully competing in the global market and improving people’s lives.
What is the position of Vietnam in ASEAN as a trade and investment partner of the US?
Dan Harris: We don’t have available data now to make an accurate comparison but I can say that Vietnam is not the largest trade and investment partner of the US in Southeast Asia but Vietnam is the market with the fastest development speed in this region.
We have worked in many countries, including developing ones so perhaps we can’t immediately remember numbers but we can immediately realise good things. I think everybody recognises that Vietnam in general and Da Nang in particular have many opportunities for business. This is the place where we want to come and want to see many US companies invest here.
Kenneth Fairfax: As I have said, US-Vietnam trade relations have been expanding very quickly in the past decade. Two-way trade revenue rose from $1.2 billion in 2001 to $10 billion in 2006. This boom in trade is thanks to Vietnam’s strong economic growth and the US companies’ provision of equipment, materials, technology and management skills to developing industrial establishments of Vietnam.
Today, Vietnam is among the fastest-developing Asian markets for US goods and the US is the sixth-largest provider of goods to Vietnam and the only Western country among the group of the largest providers of goods to Vietnam that includes China, Taiwan, Korea and Japan.
What have US businesses been paying attention to in Vietnam’s economic reform process since it joined the WTO?
Dan Harris: The US government and the community of American businesses observed that the process for WTO accession of Vietnam was very rapid.
After joining the WTO, Vietnam has to perform some commitments from now to 2012, such as liberalising many areas, allowing foreign businesses to have their own warehouses and distribution channels.
The community of American businesses is carefully observing how the Vietnamese government realises those commitments. They are ready to compete healthily in the Vietnamese market. We believe that Vietnam will pursue administrative and economic reforms to further facilitate the operations of foreign investors.
Kenneth Fairfax: Some American companies worried that once Vietnam entered the WTO it would not pursue reforms. It is clear that this worry was unfounded. Because during the country’s process of becoming a WTO member, reforms made the Vietnamese economy even stronger. That renovation process is good for Vietnam not only because Vietnam has commitments that it has to perform.
When Vietnam carries out economic reform, joins the WTO, the role of the private economic sector is expanding and this will continue in the future. When Vietnam performs ambitious reforms in the fields of financial market, business management and law, I guess that the Vietnamese economy will grow more strongly, creating many more opportunities for people and its trade partners to enjoy benefits from economic development.
As the new Consul General of the US in HCM City, what do you say about the development of Vietnam-US relations in general?
Kenneth Fairfax: Each day there are many more US companies entering the Vietnamese market to play positive roles in the future of this country. American people not only bring goods and capital but also their hearts to Vietnam.
On behalf of all Americans who represent the US government here today, I would like to thank Vietnamese and American businessmen for what they have done to build a brighter future for all of us. Thanks to all Vietnamese government officers for what they have done in Da Nang and other places in Vietnam to promote the growth of the private economic sectors and encourage others to become future partners of Vietnam.
The conference gathers over 60 commercial and economic officers of the US who are working in 11 countries and territories: Vietnam, Thailand, Malaysia, Indonesia, Laos, Cambodia, the Philippines, China, Hong Kong, and Taiwan and representatives from the US.
The conference aims to find measures to promote the relations between the US and ASEAN through trade and investment.
Interviewer: Hai Chau
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Sunday, September 23, 2007
Sunday, September 16, 2007
discovered SAPA
Sapa – the highland town with four seasons in a day. This town was discovered by the French in the early 20th century and very soon after that turned to be the most popular resort for them during the time they stayed in Vietnam. The cool atmosphere, great green terrace rice fields, beautiful valley with lots of different hill tribes for you to explore on the trek will bring you unforgettable moments about the trip.
Destination: Hanoi – Sapa.
Duration: 5 days 5 nights.
Departure: Daily.
Price: Upon request.
Activity:
3 days and 2 nights trekking to discover
Muong Hoa Valley.
Home stay and visit Mong, Dao, Giay, Tay hill
tribe people in the valley.
Comfortable stay in Victoria Sapa Hotel
Thursday, September 13, 2007
Miss Vietnam Global 2007: Beauties and the sea
VietNamNet Bridge – Thirty-seven candidates of the Miss Vietnam Global 2007 pageant contest on August 28 competed for Miss Sea in Nha Trang, Khanh Hoa province. VietNamNet Bridge brings you the contest in photos.
Sunday, September 9, 2007
APEC leaders conclude meeting in Sydney
Australian Prime Minister, the host, declared at a ceremony the concluding of the two-day meeting, where the leaders had held discussions under the theme of "Strengthening our community, building a sustainable future."
During their gathering, the APEC leaders issued a Sydney Declaration on Climate Change, Energy Security and Clean Development, setting specific goals on reducing energy intensity and increasing forest cover.
According to the declaration, the leaders decided to improve the region’s energy efficiency by at least 25 percent by 2030 from the 2005 level, increase forest cover in the region by at least 20 million hectares by 2020, and establish an Asia-Pacific Network for Energy Technology (APNet) to strengthen collaboration on energy research in the region, particularly in areas such as clean fossil energy and renewable energy sources.
The leaders also issued a final leaders’ declaration, promising to demonstrate strong leadership in pursuing the region’ s long-term prosperity. Key elements of the document include agreements to strengthen regional economic integration and build pro-business environment. The leaders also agreed in the document to enhance human security in the region.
A stand-alone statement on the Doha round of World Trade Organization (WTO) negotiations was also issued after the meeting, reaffirming the leaders’ support for the multilateral trading system and their determination to bring the negotiations to an early and successful conclusion.
The leaders made an urgent request to all countries involved in the Doha process to renew their efforts to achieve an outcome, stressing agriculture and industrial products as the two priority areas.
The leaders pledged in the statement "the political will, flexibility and ambition to ensure the Doha Round negotiations enter their final phase this year."
The annual meeting of Pacific-Rim leaders is a forum of the highest level in the Asia-Pacific region, with this year drawing the presence of such prominent figures as Chinese President Hu Jintao, U.S. President George W. Bush, Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe.
Founded in 1989, APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia- Pacific region. APEC represents the most economically dynamic region in the world, with its 21 member economies spanning four continents and accounting for approximately 40 percent of the world’s population, 56 percent of world GDP and 48 percent of world trade.
The 21 member economies are Australia, Brunei, Canada, Chile, China, China’s Hong Kong, Chinese Taipei, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Thailand, the United States and Vietnam.
During their gathering, the APEC leaders issued a Sydney Declaration on Climate Change, Energy Security and Clean Development, setting specific goals on reducing energy intensity and increasing forest cover.
According to the declaration, the leaders decided to improve the region’s energy efficiency by at least 25 percent by 2030 from the 2005 level, increase forest cover in the region by at least 20 million hectares by 2020, and establish an Asia-Pacific Network for Energy Technology (APNet) to strengthen collaboration on energy research in the region, particularly in areas such as clean fossil energy and renewable energy sources.
The leaders also issued a final leaders’ declaration, promising to demonstrate strong leadership in pursuing the region’ s long-term prosperity. Key elements of the document include agreements to strengthen regional economic integration and build pro-business environment. The leaders also agreed in the document to enhance human security in the region.
A stand-alone statement on the Doha round of World Trade Organization (WTO) negotiations was also issued after the meeting, reaffirming the leaders’ support for the multilateral trading system and their determination to bring the negotiations to an early and successful conclusion.
The leaders made an urgent request to all countries involved in the Doha process to renew their efforts to achieve an outcome, stressing agriculture and industrial products as the two priority areas.
The leaders pledged in the statement "the political will, flexibility and ambition to ensure the Doha Round negotiations enter their final phase this year."
The annual meeting of Pacific-Rim leaders is a forum of the highest level in the Asia-Pacific region, with this year drawing the presence of such prominent figures as Chinese President Hu Jintao, U.S. President George W. Bush, Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe.
Founded in 1989, APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia- Pacific region. APEC represents the most economically dynamic region in the world, with its 21 member economies spanning four continents and accounting for approximately 40 percent of the world’s population, 56 percent of world GDP and 48 percent of world trade.
The 21 member economies are Australia, Brunei, Canada, Chile, China, China’s Hong Kong, Chinese Taipei, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Thailand, the United States and Vietnam.
Thursday, September 6, 2007
Houses for lease: geese that lay golden eggs
VietNamNet Bridge – The Land Law doesn’t permit foreigners to buy houses in Vietnam so leasing houses to foreigners has become a sweet deal for many businesses in big cities of Vietnam like Hanoi and HCM City.
With a plot of land located at a good site, one can build a house and decorate it modernly for foreigners to lease to earn VND40-50 million (US$2,500-3,100) a month. Many individuals and companies get rich thanks to this service.
Considered the street for foreigners or Pho Tay in Vietnamese, Ngo Van Nam road in Ben Thanh ward, HCM City is the “general headquarters” of house leasers in HCM City.
This is a short road of around 200m with 70-80 houses and most of them are hired by foreigners. Owners have invested a huge amount of money, ranging from VND7-8 billion ($430,000-500,000), to build villas on 150 to 200sq.m for lease and earn $2,500 to $3,000/month. It is similar to houses on De Tham street.
Mr. Nguyen Van Tam said that his family owned five houses in districts 1, 3 and 5 and all of them were hired by foreigners. He earns at least $2,500 and up to $3,800/month from each house.
Not only Mr. Tam but many others have several houses being leased by foreigners. From leasing houses, some of them gradually become real estate traders and they implement big projects building houses for foreigners to lease.
Along with the urbanisation and integration trends, the house leasing market for foreigners is bustling in big cities of Vietnam. Many companies have quickly turned to build high-grade apartments and villas for foreigners to lease.
According to Mart Towsend, General Director of CPRE Vietnam Company, from now to 2010 HCM City will have 15 projects building buildings and houses for foreigners to lease. He named some projects that would be completed in the next five years, including Gemadept with 16,500sq.m, completed in 2009, M&C Tower with 35,000sq.m, Times Square with 31,200sq.m and Financial Tower with 100,000sq.m and scheduled for completion in 2010. Those buildings are multi-functional works including trade centres, offices and apartments for lease.
The leasing price of those apartments and villas will increase from $2,500-3,000/apartment at present to $4,000 or more in the near future, Mr. Towsend forecast. He also said that the leasing price in HCM City would gradually be equal to that in Singapore.
According to experts, though many individuals offer houses for foreigners to lease, this form of business can’t satisfy actual demand, so big projects are needed.
Both local and foreign businesses are interested in this market and some projects have been put into operation already, such as The Manor, Thuan Kieu Plaza, My Vinh at the monthly charge of $2,000-3,000/apartment. Those buildings are now occupied fully.
According to Le Hoang Chau, Vice Chairman of the HCM City Real Estate Association, the need for leased houses of foreigners is still very high and this is an opportunity for real estate businesses to break the ice on the real estate market.
(Source: DDDN/VN)
With a plot of land located at a good site, one can build a house and decorate it modernly for foreigners to lease to earn VND40-50 million (US$2,500-3,100) a month. Many individuals and companies get rich thanks to this service.
Considered the street for foreigners or Pho Tay in Vietnamese, Ngo Van Nam road in Ben Thanh ward, HCM City is the “general headquarters” of house leasers in HCM City.
This is a short road of around 200m with 70-80 houses and most of them are hired by foreigners. Owners have invested a huge amount of money, ranging from VND7-8 billion ($430,000-500,000), to build villas on 150 to 200sq.m for lease and earn $2,500 to $3,000/month. It is similar to houses on De Tham street.
Mr. Nguyen Van Tam said that his family owned five houses in districts 1, 3 and 5 and all of them were hired by foreigners. He earns at least $2,500 and up to $3,800/month from each house.
Not only Mr. Tam but many others have several houses being leased by foreigners. From leasing houses, some of them gradually become real estate traders and they implement big projects building houses for foreigners to lease.
Along with the urbanisation and integration trends, the house leasing market for foreigners is bustling in big cities of Vietnam. Many companies have quickly turned to build high-grade apartments and villas for foreigners to lease.
According to Mart Towsend, General Director of CPRE Vietnam Company, from now to 2010 HCM City will have 15 projects building buildings and houses for foreigners to lease. He named some projects that would be completed in the next five years, including Gemadept with 16,500sq.m, completed in 2009, M&C Tower with 35,000sq.m, Times Square with 31,200sq.m and Financial Tower with 100,000sq.m and scheduled for completion in 2010. Those buildings are multi-functional works including trade centres, offices and apartments for lease.
The leasing price of those apartments and villas will increase from $2,500-3,000/apartment at present to $4,000 or more in the near future, Mr. Towsend forecast. He also said that the leasing price in HCM City would gradually be equal to that in Singapore.
According to experts, though many individuals offer houses for foreigners to lease, this form of business can’t satisfy actual demand, so big projects are needed.
Both local and foreign businesses are interested in this market and some projects have been put into operation already, such as The Manor, Thuan Kieu Plaza, My Vinh at the monthly charge of $2,000-3,000/apartment. Those buildings are now occupied fully.
According to Le Hoang Chau, Vice Chairman of the HCM City Real Estate Association, the need for leased houses of foreigners is still very high and this is an opportunity for real estate businesses to break the ice on the real estate market.
(Source: DDDN/VN)
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