Saturday, November 10, 2007

US firms eye Vietnam investment options

VietNamNet Bridge – Most business executives accompanying US Secretary of Commerce Carlos M Gutierrez on his ongoing official visit to Vietnam have shown keen interest in expanding their company's operations here.

More than half of the 23 US companies represented in the delegation which arrived for a five-day visit last Sunday are in the Fortune 500 and seek to increase imports from Vietnam and appoint agents and establish channels of distribution in the country.

Brady Southwick, general director of Cummins Diesel Sales Corporation in charge of operation and distribution in the northern and Southeast Asian regions, said his company had signed a memorandum of understanding with Viet Nam Motor Industry Corporation (Vinamotor).

A joint venture would be set up to manufacture diesel engines for trucks and buses both for the domestic market and exports, he added.

Bruce Quinne, deputy director of strategic development at Rockwell Automation group, which specialises in automation of information management, said his company was seeking local partners to boost sales.

Terex Corporation, a diversified global manufacturer of a broad range of heavy equipment, has plans to build an assembly and production facility in Vietnam.