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VSVN: Fast Facts

VSVN and VSVN Foundation are non-profit organizations supporting the global high-tech and entrepreneurial Vietnamese business community.

Today, VSVN’s mailing list numbers in the thousands and its membership has grown exponentially to over 1000 members from around the world, including Australia, France, Germany, Japan, Korea, Singapore, South Korea, Switzerland, UK, Vietnam, and the Virgin Islands.

There are¬ 3+ million Vietnamese settled in 90 countries and territories, of whom more than 80% are in developed countries. Over 40% live the United States¬ and 16% live in California, the home of the world famous Silicon Valley, the undisputed leader in entrepreneurism, technology and innovation.¬ These numbers along with the tremendous growth of the technology sector in Vietnam present a unique opportunity for the Vietnamese business community.

Vietnamese in the United States

Vietnamese-Americans employ 97,035 fellow Americans, with a payroll of $1.1 billion, and generate receipts of $9.3 billions. Vietnamese-Americans are becoming more visible in sports, politics, media and philanthropy. According to the 2002 census, there are over 140,000 Vietnamese owned businesses in the country.

In the science and technology sector, Vietnamese-Americans as a community generate¬ 40% more patents than IBM, the number one holder of U.S. patents for the past eleven years. There are many examples of leadership and excellence in science and technology. For example,¬ Dr. Xuong Nguyen, a Professor in Physics at the University of California, San Diego, invented the X-ray Multiwire Area Detector, which helps AIDS researchers map the three dimension structure of AIDS receptor, and discovered a new particle which he named B Meson (”Buddha Meson”).

Similarly, there are Vietnamese executives at almost all of the largest and most successful high-tech companies in the world, including Apple, Applied Materials, Cisco, Fujitsu, Hewlett-Packard, IBM, Intel, Lucent, Microsoft, Sun Microsystems, and Texas Instruments. Vietnamese have also penetrated into management positions at leading law firms, accounting practices, consulting firms, and financial institutions.

Vietnam’s Technology Sector

Vietnam’s technology industry is on the rise! This is due to a rising economy only second to China, socio-political stability, youngest population in the world, government economic reforms, and key developments in the capital markets. Vietnam is the 12th largest country in the world.

On Feb. 28, 2006, Intel Corp. (INTC) Chairman Craig R. Barrett traveled to Vietnam to receive a $605 million investment license from the country’s Deputy Prime Minster to build a new factory in Ho Chi Minh City. The deal is the largest American investment in Vietnam ever by a non-oil company. Intel initially will spend $300 million for a test-and-assembly plant that will be finished next year and eventually employ 1,200 workers. Barrett says Intel chose Vietnam over China, Malaysia, or the Philippines because of the country’s lower costs for skilled workers and its booming economy, which grew 8.5% last year.

Also in February, Canon Inc. (CAJ ) announced it was spending $110 million on an ink jet printer factory near Hanoi. Nidec Corp. of Japan plans to build two plants to make electronic components, at a total cost of $940 million. Fujitsu Ltd. (FJTSY ) has invested $200 million and employs 3,200 people making circuit boards for PCs and phones. Other large players such as Microsoft, Oracle, IBM, and HP have been operating in Vietnam for years.

Recently, internet players such as Yahoo, Google, and Amazon were reported setting up operations. Telco leaders such as Cisco Systems (CSCO ), Nortel Networks (NT ), and Motorola (MOT ) are deploying large telecom projects. (Source: Business Week, March 13, 2006).

More importantly, Vietnam has reached an agreement in principle with the US to enter the WTO in the Fall of 2006. Vietnam is increasingly becoming a destination to conduct business.