Three foreign groups plan to pour 3.7 billion USD into Vietnam

At the Prime Minister’s meeting with foreign investors (Photo: Ministry of Planning and Investment)

Hanoi – Three foreign groups unveiled their plans to pour 3.7 billion USD into Vietnam at the Prime Minister’s meeting with foreign investors in Hanoi on April 22, reported the Ministry of Planning and Investment.

Among them, a group from the Republic of Korea is to invest 1.6 billion USD in heavy industry and logistics production; a German investor is eyeing green production using renewable energy with an estimated capital of 1.5 billion USD; and a Japanese investor plans to spend 600 million USD on medical equipment production.

Chairman of the European Chamber of Commerce in Vietnam Gabor Fluit said despite several barriers, Vietnam remains a rising star in business and investment.

The European business community in Vietnam is committed to standing side by side with the Vietnamese Government to build a prosperous and resilient nation, toward sustainable development and green economy, Fluit said.

Takeo Nakajima, Chief Representative of the Japan External Trade Organisation (JETRO) in Hanoi, said Japanese enterprises are ready to invest in Vietnam. Its survey showed that 47% of respondents will expand their operations in Vietnam in the next 1-2 years. He also expressed wish to see more foreign direct investment in Thanh Hoa, Quang Ninh and Thai Binh.

Hong Sun, Chairman of the Korea Chamber of Business in Vietnam (Kocham), said there are about 9,000 RoK businesses investing in Vietnam at present, with bilateral trade turnover reaching a record high of 87.7 billion USD last year.

Many Korean businesses investing in Vietnam are considering an increase in their capital and making new investments if the business environment remains stable, especially in high technology, finance and energy.

To welcome the investment wave, Minister of Planning and Investment Nguyen Chi Dung said Vietnam needs to prepare the necessary conditions, including "packages" of preferential policies and support for new investment in the context of the global minimum tax to be applied in 2024, improve the competitiveness of the investment environment and harmonise the interests of investors.

In the long term, Vietnam will continue to remove bottlenecks in mobilising resources and production and trade. It will step up the disbursement of capital, and consolidate trust with the motto "Placing the people and businesses at the centre, the subject, the goal and the driving force of development”, he said.

HCM City sees over 22 per cent rise in FDI inflows in Q1 Ho Chi Minh City has drawn 497.5 million USD of foreign direct investment (FDI) in the first three months of this year, up 22.4 per cent year on year, according to the city’s Statistics Office.

More than $370 million of FDI poured into Dong Nai province Dong Nai People’s Province granted five foreign-invested enterprises (FIEs) licences to increase their investment capital by a total of more than $370 million on March 31.

Benefits of modest FDI weighed up Attracting smaller foreign projects may be the path to take for Vietnam as a worldwide minimum corporate tax rate kicks in, affecting the plans of major corporations.

Vietnam eager to complete integral transport infrastructure to attract FDI Local authorities at all levels are eager to implement construction of transport infrastructure up and down the country.