Viet Nam- a new rising Asian star, says Scottish newspaper

The year of 2007 may yet belong to another rising Asian star,

The article, posted on the “Economy” item, confirmed that Viet Nam provided another stark message for UK and Scottish forecasters about the true meaning of growth.

“Viet Nam’s gross domestic product expanded by nearly 8.4% in 2005, the second fastest in Asia behind China. It fell slightly in 2006 due to a number of unforeseen problems, including disease and natural disasters, but is forecast to hit 8.5% in 2007,” the article said.

The newspaper elaborated that Viet Nams export volume is tipped to reach a record of almost 40 billion USD in 2006, while foreign investment should hit 10 billion USD. “Both should get a boost from Jan. 11 when Viet Nam becomes a full member of the World Trade Organisation (WTO),” it said.

On the business of the US companies in Viet Nam, the article noted that big US companies are now queuing up to move in. “Intel chose Viet Nam over China, Malaysia and the Philippines for a test and assembly plant employing 1,200 workers and marks a significant leap out of the low-tech box for the country”. It went on to say that AES, another US company, is building a 1,000-megawatt power plant in the northern province of Quang Ninh that could cost as much as 1 billion USD. “Cisco Systems, Nortel Networks and Motorola are installing telecom equipment,” it said.

“With the WTO now governing Viet Nam’s trade affairs and billions USD poured into its transport infrastructure, the next stampede is expected soon”, the article confirmed.

(Source: VNA)