TITLE

Foreign Investors Warm To Vietnam

PUB. DATE
October 2003
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;Oct2003, Vol. 14 Issue 10, p6
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
The article presents information on Vietnam's economic conditions. Vietnam's government wants national investment to boost economic growth towards the official target of 7.5%-8.0% in 2004. According to Business Monitor International Ltd., recently announced measures to tackle Vietnam's high non-labor costs will have an especially positive impact on investment. American investment in Vietnam remains low, highlighting the way in which gains from the signing of the bilateral trade accord with the U.S., in terms of new export-oriented manufacturing looking to target the lucrative American market, have come mainly from Asia, and from domestic Vietnamese firms, rather than from U.S.-based companies. Competition for capital has intensified in Vietnam as the economy's pace of growth has accelerated. This has led the State Bank of Vietnam, the country's central bank, to take a series of steps aimed at curbing the rise in commercial bank lending rates, including reducing compulsory reserve requirements and lowering the re-financing rate for commercial banks. Vietnam's government plans to sell bonds with a total value of US $4.1 billion on domestic and international capital markets in order to raise money for local infrastructure projects over the next four years.
ACCESSION #
10947612

 

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