Vietnam, a high potential market for Monaco investors
Vietnam is a potential market that is of interest to representatives of some sixty Monegasque companies and investors taking part in an economic seminar organized by the Embassy of Vietnam in collaboration with the Monaco Economic Board (MEB) which will is held on May 4 in Monte Carlo, Principality of Monaco.
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In the ambition to promote trade and investment cooperation between the two countries, this event was jointly organized by the Vietnamese ambassador Dinh Toàn Thang and the CEO of the MEB, Guillaume Rose.
Assuming himself during the seminar, Ambassador Dinh Toàn Thang pointed out that Vietnam is one of the most dynamic and fastest growing economies in the region, with assets such as a coastline of more than 3,200 km. , many seaports and places where the main international trade routes pass.
Vietnam promises to attract Monegasque companies, particularly in areas with high potential such as seaports, health – pharmacy, tourism, sustainable development and innovation. Meanwhile, the Ambassador also pointed out that 2022 marks the 15th anniversary of the establishment of temporary relations between Vietnam and Monaco. He is convinced that the economic cooperation relationship between the two countries would see strong progress. He hopes that more and more Monegasque entrepreneurs will take an interest and choose Vietnam as an investment destination.
The attractive presentation in form and rich in content by the representative of the Vietnamese Ministry of Planning and Investment in France and that of FPT Corporation in France caught the attention of investors and patrons of Monegasque industry. The entrepreneurs expressed their strong impressions of Vietnam’s socio-economic development achievements, especially breakthroughs, institutional openness and preferential policies for foreign enterprises. They expect the Vietnamese government to support and create conditions for successful cooperation and business in Vietnam and across Vietnam to enter the ASEAN market. Ambassador Dinh Toàn Thang and Vietnamese trade and investment representatives in France satisfactorily answered questions on the procedures of investment projects in Vietnam, thus meeting the expectations of investors.
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Working visit to 3X Engineering. |
Many companies present at the seminar
Sharing cooperation prospects, Mr. Michel Dotta, President of the MEB indicated that even if the current trade and investment exchanges between the two countries are still weak, the potential of the Vietnamese market is undeniable and many areas in which the two the parties can cooperate. He said a number of Monegasque companies have cooperative investment relations in Vietnam, according to jobs for hundreds of workers like Siamp Cedap. Before the Covid-19 epidemic, MEB had contacts with the capital Hanoi to help them organize the very famous Formula 1 car race in Monaco. But due to the epidemic, the event did not take place. “I hope that in the future, we can set up a representative office in Vietnam to help companies from the two countries get to know each other better and better exploit the opportunities for investment and economic cooperation in Monaco and the Vietnam,” said Michel Dotta.
For his part, Mr. Guillaume Rose, CEO of MEB, said that MEB works regularly with Vietnam, and currently many companies are interested in this market. The presence of a large number of businessmen at the seminar and the presence of the delegation from the Vietnamese Embassy in Monaco is a living expression that contributes to optimizing relations between the Principality of Monaco and Vietnam.
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Working visit to the company Siamp Cedap. |
Previously, on May 3, 2022, Ambassador Dinh Toan Thang visited the Monegasque companies cooperating for a long time in Vietnam: 3X Engineering and Siamp Cedap. These are the main Monegasque companies, 3X Engineering is a company specialized in the repair of oil, gas and electricity pipelines, thanks to composite technology, currently distributing products in more than 50 countries in the world, including includes Vietnam. Siamp Cedap is a company specializing in sanitary equipment components, currently has a factory in Ho Chi Minh City for more than 20 years.
These groups all highly value the cooperation with Vietnam over the years and look forward to continuing to promote supply chain and connectivity in the Vietnamese market.
Mr. Hacen Slimani, CEO of 3X Engineering, said the company has had very good business relationship with Vietnam since 2015, especially with big partners such as Petrolimex, PVGaz, EVN. He believes that Vietnam is a market with great potential and benefits from the most advanced non-metallic technologies thanks to 3X Engineering products.
For Mr. Thierry Leroy, Managing Director of Siamp Cedap, Vietnam is not only a very important partner, but also the basis of the group’s desire to develop on the ASEAN market.
Thu Ha NGUYEN/CVN