Monday, April 21, 2008

Swiss create jobs, opportunity in Vietnam


Switzerland now ranks 17 th among countries and territories in terms of foreign direct investment in Vietnam , reported Vietnam ’s Commerce Bureau in Bern . Following that, there are about 90 Swiss enterprises currently running in Vietnam , providing 2,500 jobs for locals. Vietnam is the destination of many leading Swiss companies, including food and beverage giant Nestle, vegetation pharmaceutical producer Novartis and IT services company Elca.

Credit Suisse, one of the leading banks in Switzerland , has considered Vietnam as an attractive marketCredit Suisse, one of the leading banks in Switzerland , has considered Vietnam as an attractive market, and is inquiring into building a strategy for operations in Vietnam in the fields of banking services and insurance. Meanwhile, SwissRe, one of the world’s largest reinsurance companies, has bought 25 percent of the Vietnam National Reinsurance Company’s (VinaRe) shares. Two-way trade between Switzerland and Vietnam reached 498 million CHF (500 million USD) in 2007, 133 million CHF (133.5 million USD) more than in 2006, according to the Swiss customs’ statistics. Of this figure, Vietnam earned 259 million CHF (260 million USD) from export turnover. By 2007, Switzerland had invested over 744 million USD in 42 valid projects throughout Vietnam . Since becoming a member of the World Trade Organisation, Vietnam has set future targets in economic growth from 8 to 9 percent per annum, achieving 1,000 USD per capita income by 2010, said Prime Minister Nguyen Tan Dung. Dung also said that the government would supply the best conditions for foreign investors in general and Swiss ones in particular when investing in Vietnam.
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