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Norway firms to pour more money into Vietnam on condition of fair environment

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Christian Fernsby ▼ | May 28, 2019
Many Norwegian companies said they are ready to invest in Vietnam as long as the Vietnamese government ensures a fair and equal investment environment.
Jotun Group Morten Fon
Asia   Jotun Group Morten Fon
Norwegian companies all realize that Vietnam is now available with more opportunities than challenges and they stand ready to expand their businesses or start investing in the country if the Vietnamese government advocates a fair and equal investment environment, said President and CEO of Jotun Group Morten Fon.

Morten Fon said at a working session between half a dozen of Norwegian companies and Vietnamese Prime Minister Nguyen Xuan Phuc during his visit to Norway on May 24-26.

In turn, PM Phuc said that a government of integrity and constructive accountability stresses its attention on creating a fair, equal, and transparent business environment.

Phuc affirmed in a statement that Vietnam treats all economic players equally without managerial favoritism and values foreign direct investment.

Vietnam keeps the investment environment more open and it has greatly contributed to the high economic growth over the past years, he said.

President and CEO at Kongsberg Gruppen ASA Geir Haoy said at the meeting that Vietnam appears as an attractive destination for foreign investors with fast and stable growth.

At the working session, PM Phuc met with representatives of leading Norwegian firms namely Kongsberg, DVL-GL, Pharmaq, Vard, Juton, and Scatec Solar.

The PM highly appreciated ideas contributed by the firms, saying that their advanced technologies-based operations in Vietnam are good for the country’s sustainable growth and expecting the establishment of a “Made in Norway” manufacturing hub in Vietnam – the country of 100 million people.

Jotun Corp is one of the world’s leading manufacturers of paints and powder coatings.

Its Jotun Paints (Vietnam) Co., Ltd started operating in Vietnam in 1994.

Its accumulated revenues are about US$120 million so far.

President and CEO of Jotun Group Morten Fon said at the meeting that the company plans to build in the next two years another manufacturing plant costing US$100 million in Ho Chi Minh City, which is about 40 km from the current factory, which is located in Binh Duong province.

Kongsberg Gruppen ASA expects to cooperate with Vietnam in marine economy, aquaculture, and fishing industry.

The company’s President and CEO Geir Haoy said that the company is able to contribute to sustainable ocean development through mapping and studying the seabed to serve the aquaculture and fishing.

It expects to work in biomass energy by oceanic technologies.


 

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