Businesses from Spain’s Canarias region will take part in an international trade fair in Vietnam (Vietnam Expo 2008), scheduled from April 9-13, in order to increase their presence in the Southeast Asian nation.

Vietnam is now considered a replacement for neighbouring China in investment due to its lower production costs, particularly in footwear, wooden furniture and garments and textiles, the Canarias region’s Santa Cruz de Tenerife province’s trade department said in a press release.

Vietnam needs investment capital of up to US$120 billion in the next five years for infrastructure construction, equipment and machinery manufacturing, which will open doors to foreign investors.

Vietnam’s exports, mainly foods and consumer goods, to Canarias, including Santa Cruz de Tenerife province, has doubled over the past five years from 12 million euro (US$18.5 million) in 2002 to nearly 26 million euro in 2007.

Meanwhile, Canarias has seen a surge in the export of seafood and machines to Vietnam.

This entry was posted on Thursday, March 27th, 2008 at 11:23 am and is filed under General News. Tags: Asia, Asian, China, construction, food, Foreign, machinery, machinery manufacturing, Santa Cruz, Santa Cruz de Tenerife, Southeast Asia, Spain, Spanish, Vietnam. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.