The economics ministry is sending a delegation of business and industry experts to Vietnam on Wednesday. Deputy Economics Minister Shen Jong-chin said the four-day trip is to help Taiwanese companies seek compensation and resume operations in Vietnam.
“The first thing is to get the money ready," said Shen. "The Overseas Credit Guarantee Fund will help amass the funds. The second is to resume operations. Experts in our delegation will offer professional opinions to help companies get back on their feet.”
The economics ministry is also asking the Vietnamese government for compensation, in line with a Taiwan-Vietnam investment protection agreement. Deputy Economics Minister Woody Duh said that although many Taiwanese corporations have invested in the Vietnamese market through a third country, the ministry will ask the Vietnam government to cover those companies.
“The insurance agreement does not cover Taiwanese businesses that entered the Vietnam market through a third country," said Duh. "The insurance agreement between Taiwan and Vietnam was signed 20 years ago. But we will negotiate with Vietnam to include all Taiwanese businesses that have registered with the Vietnam government. We will officially file a request with Vietnam.”
Duh said that the ministry will evaluate the losses of Taiwanese corporations before starting the negotiation process with Vietnam. If the negotiations fail, then the ministry will seek international arbitration.