FOR IMMEDIATE RELEASE
August 13, 2008



Christie Miller
VEDP
(804) 545-5805
VEDP HELPS VIRGINIA COMPANIES SEEK OPPORTUNITIES IN VIETNAM
-Commonwealth’s first trade mission to Vietnam scheduled for November 3-7-


RICHMOND - Did you know that Vietnam ranked as Virginia’s 60th largest export destination in 2007, valued at nearly $34 million, representing a 106 percent increase over 2006? From wood products to machinery, trade opportunities for Virginia companies abound in Vietnam—and they’re just a trade mission away.

The Virginia Economic Development Partnership’s ((VEDP) Division of International Trade will lead the Commonwealth’s first trade mission November 3-7 to Ho Chi Minh City and Hanoi, Vietnam. Trade mission participants will engage in one-on-one meetings with targeted, pre-screened companies that match their unique company and market objectives. VEDP will provide pre-arranged meeting rooms, in-country transportation, translation assistance, market briefings and networking functions.

“VEDP’s subsidized programs and services mitigate a company’s risk and reduce the costs associated with expanding international sales,” said Paul Grossman, VEDP Director of International Trade. “Vietnam’s economic growth rate is among the highest in the world in recent years, providing an excellent opportunity for success in the global marketplace. It’s a win-win for Virginia companies and we encourage participation.”

Wood was Virginia’s No. 1 export to Vietnam in 2007, jumping 93 percent over 2006 to $8.9 million. Manmade staple fibers exports increased to $3.6 million in 2006, an increase of 7 percent over 2005. Machinery, another strong export, was up 48 percent over 2006 to $1.8 million in 2007. During 2007, other commodities with remarkable growth included iron and steel (625.6 percent), plastic (480.6 percent), and furniture and bedding (1745 percent).

To register or for more information about the Vietnam trade mission, visit http://www.exportvirginia.org/events/#Nov09 or contact Knox Hubard at KHubard@yesvirginia.org or (804) 545-5758. The deadline to register is September 5.

The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 21-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade.

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

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