Blethon told reporters that Otis was bringing its latest technology and equipment, including green, energy-saving elevators for the high-end market segment and developers of green buildings that are up and running in HCM City, Hanoi and other cities in Vietnam. In Vietnam, he said Otis offered products and services for different segments, including hotels and office buildings. Patrick Blethon, president of Otis Elevator International Inc. for Pacific Asia Area, clarified the point during his trip to Vietnam last week to assess the prospects and seek to expand operations to better meet the needs of customers.

Although Vietnam’s real estate market is currently stagnant in general, Blethon said the demand was there, particularly for the residential segment. Based on his working experience in emerging markets, he believed the residential area would be a strong segment in a growing market like Vietnam, where the number of medium-income earners is increasing.

A lot of positive things are arising in Vietnam and this is the reason why Otis continues to invest in the country. Blethon kept the investment figures confidential but stressed more would flow in this country, including in human resource development.

"We think of strong partnership with a university in HCM City and Hanoi to train people for us. This shows how we want to grow in this country,” Blethon said. He noted Otis would make things ready before mid-2013 in order to make full use of economic recovery.

Otis Elevator International has plans to open factories in Southeast Asia after the company has commissioned manufacturing facilities in many parts of the world, including China, and Vietnam would be part of these plans.

"We start to think that now we need some factories in Southeast Asia… Vietnam could be a hub for this because the size of the market and its population,” Blethon said.