Vietnam, Taiwan seek ways to foster industrial cooperation

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Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said Vietnam is now an attractive investment and business destination for many foreign enterprises, including those from Taiwan. 

Vietnam’s advantages include high economic growth rate, political stability, and strategic geographical location, while its consumption market has grown rapidly with an increasing middle class, he said.

VCCI President Vu Tien Loc addresses the forum. (Photo: VGP News)

The country has also continually reformed institutions and policies to create the best possible conditions for foreign firms to do investment and business, he noted.

Loc added that Taiwan used to lead the investment inflow into Vietnam in the 1990s and is currently the fourth biggest investor in the country.

Pham Tuan Anh, Deputy Director of the Department of Industry under the Ministry of Industry and Trade, said Vietnam and Taiwan are important economic partners of each other. 

Taiwan has recently invested in many large-scale mining, metallurgy and textile-garment projects in the Southeast Asian nation, creating a big number of jobs for local people.

However, Taiwanese companies haven’t formed connections with Vietnamese firms, he said, noting that Vietnam prioritises projects using high technology and creating more added value. Therefore, it hopes Taiwanese businesses will actively team up with Vietnamese companies and promote a new investment inflow into the country.

Xu Sheng Xiong, Chairman of the Taiwan Industry Association, said Taiwan’s total investment in Vietnam has exceeded 31 billion USD. Including projects invested through a third party, this figure is estimated at around 100 billion USD.

According to Xu, Vietnam and Taiwan have many supplementary conditions to develop processing-manufacturing industries and production of goods for export. Vietnam has rich mineral resources, abundant workforce and low production costs while Taiwan has experience and green production technology. Therefore, the two sides should connect their businesses to form production-consumption chains.

Aside from stronger investment, they can also increase the exchange of experiences in international cooperation, manpower training, and hi-tech application to improve the capacity of Vietnamese small- and medium-sized enterprises, Mr. Xu said.

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