Businessmen want to invest in Vietnam

Businessmen want to invest in Vietnam

JAKARTA (JP): Many Indonesian businessmen are interested in
investing in Vietnam, which is regarded as an emerging country in
Southeast Asia, Chairman of the Indonesian Chamber of Commerce
and Industry (Kadin) Aburizal Bakrie said.

"Indonesian investors want to invest mainly in infrastructure
facilities, including telecommunications projects, in Vietnam,"
he told reporters after a luncheon meeting presenting Vietnamese
Minister of Trade Le Van Triet as a speaker at the Aryaduta Hotel
here yesterday.

The minister will accompany Vietnamese President Le Duc Anh,
who arrived here yesterday, during a four-day state visit.
Visiting Vietnamese delegation also includes Minister of
Agriculture and Foodstuffs Industry Nguyen Cong Tan and Director
General of Tourism Do Quang Trung.

Aburizal, who is more commonly known by his nickname, Ical,
said many domestic businessmen are conducting feasibility studies
for doing business in Vietnam.

"Even though Indonesian businessmen are not foreign
investment-minded, they realize there are wide opportunities for
doing business in Vietnam," he said, adding that the number of
companies planning to invest in Vietnam is increasing.

Aburizal, who is also chairman of the Bakrie Group, said one
of his companies, supported by Hughes System of the United
States, has signed a memorandum of understanding with Datviet of
Vietnam for cooperation in telecommunications projects in the
Indochinese country.

Projects

There are currently nine Indonesian investment projects in
Vietnam -- oil and gas, coal mining, banking, hotels, mineral
water, motorcycle assembly, textile and garment manufacturing,
poultry breeding and air service.

Indonesia is the 12th largest foreign investor in Vietnam with
a total investment of US$159 million after Taiwan, Hong Kong,
South Korea, Malaysia, Australia, France, Singapore, the
Netherlands, Japan, Britain and the British Virgin Islands. Data
from the Investment Coordinating Board (BKPM) show no Vietnamese
investment in Indonesia.

According to the Central Bureau of Statistics, Indonesia's
exports to Vietnam increased from $165.34 million in 1992 to
$171.63 million in 1993 and its imports from that country rose
from $32.42 million to $38.09 million during the same period.

Indonesia's Ambassador to Vietnam Djafar Assegaf, who was also
present at the luncheon, told reporters that the two countries
have interest in increasing economic ties.

At the luncheon, Le Van Triet promised that he will endorse
simple bureaucratic procedures for foreign investments in his
country.

Kadin's treasurer, B. Juan Gondokusumo, said he wanted to
invest in the property business in Vietnam about two years ago
but his license has not yet been fully processed.

"I find the bureaucracy is arduous there," he said, adding
that his company, Globalindo Sentosa, will develop real estate in
Vietnam. (icn)