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Chinese Investors Eye Vietnam Market
A Chinese air-conditioner manufacturer, the Guilin Air-conditioner Plant, has decided to set up a joint venture in Ho Chi Minh City in Vietnam.
"We plan to invest 980,000 US dollars, and the output of the joint venture is expected to reach 30,000 air-conditioners a year," said Li Benzhong, head of the project.
According to a Japanese air-conditioner association, the market demand for air-conditioners in ASEAN (Association of Southeast Asian Nations) countries is increasing, and by the year 2003 this region will probably need 15.2 million air-conditioners, about one-third of the world's total.
Experts said that with China's WTO entry and the ASEAN Free trade Area drawing near, more and more Chinese firms will see investment opportunities in Vietnam and other ASEAN countries.
Chinese motorcycle producer "Li Fan" and feedstuff giant "New Hope" have gained sound economic returns from the Vietnam market. "Changhong", a famous Chinese air-conditioner maker, has reportedly become the most successful air-conditioner provider in Indonesia.
"Changhong" also signed a contract earlier this year with its Vietnamese counterpart to sell TV sets, air-conditioners, DVD players and similar products in Vietnam.
"Vietnam is experiencing a fast economic growth, and a booming market in this country will attract more and more investors," said Gu Xiaosong, a research fellow with the Guangxi Academy of Social Sciences.
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