Tuesday, February 18 2020

VietNamNews

Spanish businesses keen on rail projects

Update: March, 27/2010 - 09:53

HCM CITY — Spanish businesses are interested in underground and urban railway construction projects in HCM City, according to director of Spanish Institute for Foreign Trade Fernando Lanzas.

Speaking at the Viet Nam-Spain Business Forum held on Thursday in HCM City, Lanzas said Viet Nam's economic growth had remained stable despite the global downturn.

Because Viet Nam had great potential to strengthen trade and investment, Spanish businesses would like to seek partners to fully tap the potential in the country, he added.

Lanzas said Spanish businesses had expressed interest in building HCM City's metro and other large-scale infrastructure projects in neighbouring provinces.

The forum was attended by representatives of 30 Spanish businesses specialising in traffic infrastructure, mechanics-electricity systems, solid waste treatment and energy, among others.

Nguyen The Hung, deputy director of the HCM City branch of the Viet Nam Chamber of Commerce and Industry, said Spain was an important partner of Viet Nam.

Trade relations between the two countries had intensified in recent years.

Hung said President Nguyen Minh Triet's visit to Spain in December last year created opportunities to enhance ties in business and investment.

During the visit, Viet Nam signed eight memoranda of understanding with Spain to strengthen bilateral co-operation. Two of them were on transport infrastructure development.

Hung said HCM City needed more than $15 billion to develop infrastructure projects by 2020, and municipal authorities would create the most favourable conditions for Spanish enterprises to do business in the city.

Bilateral trade has increased in recent years, with two-way trade turnover rising to US$1.2 billion in 2008.

Viet Nam exports to Spain amounted to $1.1 billion and imports $140 million.

Spain is the seventh largest export market of Viet Nam, mainly for shoes, coffee, tea, rubber, garments and seafood. Viet Nam imports electronic products, chemicals and machines from Spain.

The event was held by the Viet Nam Chamber of Commerce and Industry and the Spanish Embassy.— VNS

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