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Vietnam, Taiwan trade relations record growth

Chu Cong Phung, Head of Vietnam Economic and Cultural Office in Taipei, convey his greetings to the peoples of Vietnam and Taiwan and to the readers of Taipei Times on the occasion of Vietnam's national day celebration.

The Vietnam Economic and Cultural Office in Taipei established its presence in Taiwan in 1992 and since then there has been a significant development in Vietnam-Taiwan relations especially in trade, economic, art and cultural and tourism fields.

In the area of trade, we have witnessed a substantial growth. Last year, Vietnam-Taiwan trade exceeded US$2.6 billion. There are over 30,000 Taiwanese investors including 900 small and medium enterprises in Vietnam.

An increase of 50 percent in investments from Taiwan was recorded for the period Jan to June this year compared to the same period of last year.

Vietnam exports to Taiwan are agricultural and daily commodity products while Taiwan exports to Vietnam are raw materials and machinery, said Chu Cong Phung.

Vietnam offers numerous investment incentives and I am confident that we will continue to be one of Taiwan's most favorite investment destinations over the years. Vietnam is one of the most attractive places for investors in Asia. Simple processing make it easy for investors to invest.

With a population of 78 million people, an area nine times that of Taiwan, Vietnam offers an abundant labor force and low monthly wages. Vietnamese are hard working people and able to adopt flexibly.

Since 1993, Vietnam and Taiwan has signed four agreements namely: protection of Taiwan investors in Vietnam, prevention of double taxation, agricultural and fishing cooperation, research and development, and labor. The two countries have signed an economic accord to further strengthen bilateral trade and economic cooperation.

Taiwanese investors ranked the second biggest investor in Vietnam and include light and medium industry, in manufacturing as well as in the service industry such as hotel, resorts and entertainment field.

Taiwan investors include Ching Fong, President Enterprises, Wei Tan Group. Taiwan Plastic Group had recently invested in a chemical and textile company in Vietnam and plans to invest in a cement company and power plant in the future.

Tourism is growing at an unprecedented level. Last year saw 240,000 visitors to Vietnam. In the first half of this year alone, there have been 100,000 visitors to the country. Travel to Vietnam is convenient as China Airlines and EVA Airways offer two daily flights.

Cooperation in the field of agricultural and fishing is evidenced by the signing of an agreement in 1999 whereby Taiwan sends specialists to assist in the development of Vietnam's agricultural industry. There are also 100 Vietnamese who are now in Taiwan undergoing training. There are also joint ventures in the fields of fishing, planting of fruits and tea.

For labors, Taiwan is also currently one of Vietnam's leading labor markets with current employment of more than 25,000 Vietnam labors. The number of Vietnam labors continue to grow due to the fact that Vietnam's labor performance is highly admired by Taiwan employers for their dedication and commitment.

There are also 63,000 Vietnamese brides who have made Taiwan their home. Taiwanese men admire Vietnamese women who are frugal and hardworking. Cultural similarity eliminates any problems between couples.

In art and culture, Taiwan schools have entered into sister ties with schools in Vietnam for art and cultural exchange. Vietnam regularly sends art and culture troupe to perform in Taiwan. On Aug. 28, a Vietnamese choir will be performing in Taichung and Kaohsiung.

In sports exchanges, there are tennis and football friendly matches.

There are over 1,000 students studying Mandarin who can do translation for businessmen in Vietnam.

I am confident that there will be increasing interaction between our economies and people and ties will continue to flourish.

On this special occasion, I wish to convey my best wishes for prosperity and good health to all Vietnamese residing in Taiwan, to all of the Taiwanese investors in Vietnam and to all the peoples of Vietnam and Taiwan, said Chu Cong Phung.
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