Word: hanoi
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Anthony Salzman remembers the last time Vietnam was tipped to be Asia's next tiger economy. The former antiwar protester turned business consultant was representing Caterpillar in Vietnam when the country opened up to foreign investment in the early 1990s. Back then, Hanoi's streets were filled mostly with bicycles and all fax machines had to be registered with the police, but that didn't stop international executives from packing the bar of the only foreign-run hotel in Hanoi, the Metropole, to plot their future fortunes. "In that one bar on any given night," recalls Salzman, "there were people...
...Asia behind China and in a dead heat with India. Exports were up an estimated 24% in the first 10 months of 2006. The nascent stock market in Ho Chi Minh City is one of Asia's best-performing this year, up 70%. To top it all off, Hanoi is hosting this year's Asia-Pacific Economic Cooperation summit, on Nov. 18-19, which is expected to be attended by U.S. President George W. Bush and China President Hu Jintao. Salzman, who toughed out the lean years and built an industrial-materials distributorship with annual turnover of $100 million, says...
...world's largest pepper exporter and second-largest exporter of coffee, cashews and rice. And multinational companies are increasingly selecting the country as a manufacturing base. Canon Inc. has two giant printer factories in Vietnam and is building a third in Bac Ninh province, 20 miles northeast of Hanoi. The new plant will be the largest inkjet printer factory in the world. Nike recently increased its annual production in Vietnam from 54 million pairs of shoes to 70 million, making the country the world's second-largest source of Nike sneakers (China is the largest...
...Vietnam was estimated at $6.5 billion, surpassing the $6.1 billion total for all of last year.) "The WTO is sort of the stamp of approval that many, many large companies have been waiting for," says Tim Tucker, country manager for Ford Vietnam, which has an assembly plant outside Hanoi. "They are just going to flood into this country...
...entry, Vietnam made greater concessions than other nations have been required to make upon joining, agreeing to lower trade barriers, reduce many subsidies and allow virtually unfettered foreign competition in some sectors of its domestic economy. "It's a tougher deal than even China got," says Jonathan Pincus, a Hanoi-based economist for the United Nations Development Programme (). For example, next April, Vietnam must allow foreign banks to set up their own branch offices in the country, without requiring them to partner with domestic lenders as banks wanting to enter China have been obligated to do. Vietnamese law now protects...