Finpro Vietnam’s Country Manager, Kieu Phuong is happy about the new location. What is most exciting though is the increased interest in Vietnam among the Finnish business. This interest is also manifesting itself in very concrete ways on Phuong’s desk: there’s a growing stream of new inquiries and assignments.
“Finnish companies are now becoming more and more aware of the economic growth that has taken place in Vietnam during the recent years and new market potential that comes with it. People want more information of the country in general and the markets.” The move to new location also shows that FINPRO itself believes in the potential and further development of Vietnam.
The Finnish-Vietnamese bilateral trade figures may still be more on the humble side, but what is worth noting, is the fact that the trade figures have been growing for the past seven years. One of the questions that Ms. Phuong frequently hears in her line of work is how come the amount of Finnish FDI (Foreign Direct Investments) to Vietnam is still so low. That may be true, but one should also keep in mind that up until recently there hasn’t been so much information available on the investment opportunities in Vietnam. Finnish companies also often operate in hi-tech sectors, rather than labour-intensive industries, to which Vietnam has rapidly become a lucrative outsourcing destination.
However, more Finnish companies are beginning to outsource, and on the other hand, Vietnam is hoping to shift gears from low-cost labour-intensive fields to activities that require more educated people with higher skills. Moreover, Finnish and European brands have been well known in Vietnam as reliable, high-quality brands, but they have often been considered too expensive.
There are growing tendencies of quality consciousness, so that cheaper price is no longer the most decisive factor in purchases. This creates new opportunities for Finnish high-quality products. In addition to the old Finnish strong-hold sectors of forestry and water, new exciting operating fields are emerging, particularly in the field of Cleantech and infrastructure development..
Ms. Phuong adds that the commercial centre of Vietnam is in the south in Ho Chi Minh City. In the future Finpro may even increase its presence in HCMC in order to be better able to serve its customers in the business-hub of the country.
Finpro Vietnam can be found at the following address:
6th Floor, Central Building
31 Hai Ba Trung Street
Phone: +84-4-3933 24 70
Mobile: +84-903 40 1970
Fax: +84-4-3933 24 71