VIETNAM BECAME THE NEWEST MEMBER OF THE KPMG ASIA PACIFIC REGIONAL NETWORK WHEN A BUSINESS COOPERATION ARRANGEMENT WAS ENTERED INTO WITH THE VIETNAM-BASED CONSULTING FIRM INVEST CONSULT. THE CONSULTING FIRM, WHICH SPECIALIZES IN TECHNOLOGY TRANSFER AND FOREIGN INVESTMENT MATTERS, IS HEADED BY PARTNERS IN KPMG’S SINGAPORE AND KUALA LUMPUR OFFICES.

¬†VIETNAM IS EXPECTED TO BECOME ANOTHER ‘ASIAN DRAGON,’¬† SAID DUSTY PROFUMO, PARTNER IN CHARGE OF THE ATLANTA KPMG INTERNATIONAL PRACTICE. IN ANTICIPATION OF THE LIFTING OF THE U.S. EMBARGO WHICH PROHIBITS U.S. COMPANIES FROM DOING BUSINESS IN VIETNAM, KPMG HAS ESTABLISHED THIS VIETNAMESE PRACTICE TO BETTER SERVE OUR CLIENTS WHO ARE INTERESTED IN DOING BUSINESS IN VIETNAM.

ONCE VIETNAM OPENS UP AS A NEW MARKET TO U.S. BUSINESSES, INQUIRIES AND INVESTMENTS FROM THE U.S. ARE EXPECTED TO PROCEED QUICKLY, SAID MR. PROFUMO.

THE PROSPECTS FOR AN IMMEDIATE LIFTING OF THE EMBARGO DIMMED RECENTLY, HOWEVER, WHEN THE U.S. PERSUADED THE FRENCH AND OTHER INTERESTED COUNTRIES NOT TO ADDRESS A REQUEST BY THE VIETNAMESE FOR A $140 MILLION BRIDGE LOAN TO PAY FOR THE COUNTRY’S ARREARS TO INTERNATIONAL LENDING ORGANIZATIONS, ACCORDING TO HANK POLI, ASSOCIATE DIRECTOR OF THE INDOCHINA PROJECT, A PROGRAM OF THE VIETNAM VETERANS OF AMERICA FOUNDATION.

UNTIL ALL ARREARS ARE PAID OFF TO THE INTERNATIONAL MONETARY FUND, THE VIETNAMESE GOVERNMENT CANNOT SEEK FURTHER FUNDING FROM EITHER THE WORLD BANK OR THE ASIAN DEVELOPMENT BANK, HE SAID.

I HAVE A FEELING THAT THE U.S. GOVERNMENT IS TRYING TO IGNORE THE VIETNAM SITUATION AS LONG AS POSSIBLE, PERHAPS AS LATE AS SEPT. 20 WHEN THE EMBARGO IS UP FOR RENEWAL,  SAID GERRY SPANNRAFT, PRESIDENT OF BURCH/ASIA LTD., WHICH RECENTLY SIGNED A CONTRACT TO PUBLISH THE VIETNAM NATIONAL YELLOW PAGES. I CERTAINLY HOPE NOT.

IN COOPERATION WITH INVEST CONSULT, KPMG IS PREPARED TO OFFER CLIENTS A COMPREHENSIVE RANGE OF SERVICES RELATING TO FOREIGN INVESTMENT IN VIETNAM, INCLUDING IDENTIFYING APPROPRIATE LOCAL JOINT VENTURE PARTNERS; ASSISTING WITH THE APPLICATION AND APPROVAL PROCESS; AND ADVISING ON LEGAL AND GOVERNMENTAL ISSUES AND COMPLIANCE.

FOR MORE INFORMATION, CALL SHANNON SMITH AT KPMG PEAT MARWICK, ATLANTA: (404) 222-3310.