The US giant GE Group will expand its operations in Viet Nam, according to a GE official.
“We want to share our resources with Viet Nam through our experiences in pioneering enterprise management, law conformity and business transparency in Viet Nam,” said Colin Low, GE National Executive for Singapore, the Philippines and Viet Nam.
GE’s tentacles are felt throughout virtually every corners of global business with its six arms or GE Infrastructure, GE Industry, GE Commercial Finance, GE Consumer Finance, GE Healthcare and NBC Universal leaders in their respective fields.
Since it established its representative offices in Ha Noi and Ho Chi Minh City in 1993, GE Viet Nam has worked with partners such as Viet Nam Airlines, the Viet Nam Railway Corporation, Electricity of Viet Nam and the Viet Nam Oil and Gas Corporation (PetroVietnam).
GE Establishes New Branch Office in CambodiaInterContinental Hotel, Phnom Penh July 23, 2007
The respected U.S.-based company General Electric made its presence felt in Cambodia with the launch of a new branch office in Phnom Penh. The branch office will be part of a network of regional branch offices of General Electric International, Incorporated, a wholly owned subsidiary of the General Electric Company. The launch, held at the InterContinental Phnom Penh, was attended by U.S. Ambassador to Cambodia Joseph A. Mussomeli, HE Deputy Prime Minister Sok An, other high ranking government representatives, GE senior management, and business associates from the region.
In his remarks, Ambassador Mussomeli said, "The fact that an American company as prestigious as General Electric is opening an office in Cambodia illustrates the promising investment opportunities that exist here. Cambodia is open for business, and we hope that many more American companies will follow in GE's footsteps."
President, GE International, Mr. Ferdinando Beccalli-Falco, said, "We’re very excited with Cambodia. GE goes where there is growth and currently there is a lot of expansion in Cambodia driven by garment exports, infrastructure building, increasing consumption and tourism." According to a GE news release, the decision to invest was also buoyed by promising signs of the emergence of a vibrant and competitive private sector and great untapped potential to attract higher levels of foreign direct investment.
GE is a high technology-driven company that plays a key role in many sectors. Recently, it has significantly grown its emerging markets strategy, with projections that the company will get 55% to 60% of its revenue from outside the US within the next 5 years, compared with 50% now.
"Emerging markets are becoming vital to global companies due to their explosive growth," said Pornlert Lattanan, President, GE Thailand/Cambodia. "GE has been growing 20% annually in Southeast Asia, and we expect a similar growth pattern in Cambodia. We need people on the ground to support our growth plans. Hence you have today’s branch launch," he explained.
Operating in six other countries in Southeast Asia since the late 1960s, GE’s presence in Cambodia will mean more jobs for Cambodians as the company looks to the country as a key revenue contributor to its annual revenue of USD 6 billion in Southeast Asia.
HE Deputy Minister Sok An said, "We welcome more public and private sector partnerships to create a dynamic and stabilizing economy. GE’s presence in Cambodia really helps affirm our place in the emerging markets."
GE has a long tradition of innovation, dating back to the world's first practical incandescent lamp invented by GE's founder, Thomas Edison in 1876. Other innovations include the development of the X-ray, the jet engine, CT-scan, the world's first 4D ultrasound system, capturing 3D images live, and recently developments in nanotechnology. GE carries a blue-chip reputation with accolades including "World’s Most Admired Company" by Fortune Magazine, and "World’s Most Respected Companies" by the Financial Times in multiple years.