Vietnam to break through Norwegian market

Nov 04, 2004 01:00 AM

The Vietnam-Norway Business Festival was launched in Hanoi to highlight the on-going State visit to Vietnam by Norway's King Harald V and Queen Sonja. The festival aimed to present a good opportunity for businesspeople from the two countries to seek co-operation and investment to further boost bilateral ties between the two countries.
The Vietnam visit by King Harald and 130 Norwegian businesspeople showed the keen interest of the Norwegian business circle in promoting investment and business co-operation with Vietnam. This was the biggest-ever foreign business delegation to explore the investment and business environment in Vietnam.

Despite maintaining fine political relations and boasting great co-operation potential, trade and investment ties between Vietnam and Norway over the past few years remained modest. Last year's two-way trade turnover reached only $ 28 mm. Norway now has 14 direct investment projects in Vietnam with total registered capital of more than $ 46 mm, ranking it 31st among 66 countries and territories investing in Vietnam.
Business people from the two countries found many other areas for long-term co-operation in the near future.

"Vietnam and Norway can co-operate effectively in the hydroelectric sector." Minister of Trade and Industry of Norway, B. Brende said.
“Norway ranks sixth in terms of hydroelectrics while Vietnam boasts great potential for hydroelectric development. Vietnam can also co-operate with Norway in other fields of Norway's strengths such as seafood processing, telecommunications, maritime transport and shipbuilding. In addition, oil and gas exploration can be included in our co-operation programme."

Vietnam and Norway are both new markets to each other but after the visit by the Norwegian King, the two sides will become close partners.
Vietnamese businesses can export to Norway rice, seafood, canned vegetables, coffee, rubbers, garments and textiles and footwear while Norway can export chemicals, machinery and equipment to develop the industrial sectors to Vietnam.

During the festival, some businesses signed co-operation contracts.
Director General of the Norwegian Ship Owners' Association Mariana Li said: "We worked together with the Vietnam Shipbuilding Industry Corporation (Vinashin) to build 10 ships. We see great potential for our co-operation. Vinashin will provide labourers, some engines and steel for shipbuilding while we will provide shipbuilding designs, main engines and supervise work. However, the results we gained today are only a start for a new period of co-operation between the two countries' businesses."

Source: Asia Times
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