Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 5, 1994 TAG: 9402050029
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE: Associated Press
DATELINE: HANOI, VIETNAM LENGTH: Medium
Capitalizing on a multibillion-dollar capitalist economy in this split-personality communist country, the giants of industry emerged. At least one, General Motors Corp., kept its interest a secret until President Clinton lifted the U.S. trade embargo Thursday.
GM signed a memorandum of understanding in May with a group of foreign investors and the Vietnamese and is looking into whether there is a large enough market for its cars. It did not disclose the memorandum until after Clinton's announcement.
Chrysler Corp. also is playing its plans close to the vest.
"Southeast Asia is a booming market, but we are looking at a dozen different countries," said spokesman Tony Cervone in Detroit.
Otis Elevator Co., which first began operating in Vietnam more than 40 years ago, is returning to install and service its products. It was forced to leave the country in 1975, when its base of operations in Saigon fell to communist North Vietnam.
Immediately after the embargo was lifted, American Express signed an agreement with the Bank for Foreign Trade of Vietnam to promote use of its card by businesses in Vietnam.
Pepsi-Cola International began bottling and distributing its cola in Ho Chi Minh City and said it would be in full production within a week. Coca-Cola Indochina Pte Ltd. of Singapore is investing $45 million in its Vietnam operation during the next five years.
United Airlines said it would begin service between Los Angeles and Ho Chi Minh City as soon as it can get government approval.
Up for grabs over the next five years is $8 billion in aviation, telecommunication, heavy equipment, power generation, and highway, airport and hotel construction.
by CNB