The Foreign Investment Department under the Ministry of Planning and Investment said it has received and processed many big foreign direct investment (FDI) projects valued from hundreds of million of US dollars to nearly US$2 billion. This proves large investors and multinational firms are tending to invest more in Vietnam.
Among the largest projects, the Taiwanese-invested Tycoons Worldwide Steel Co. Ltd is waiting to receive a license to invest US$1.04 billion in a steel ingot factory in central Quang Ngai province’s Dung Quat Economic Zone.
This factory, invested in by Tycoons Worldwide Group, is capable of producing 5 million tons of steel ingots to meet 30 per cent of the total steel ingot demand in Vietnam. The eight-year construction of the project will be divided into two phases and the first phase will need US$560 million to produce 2 million tons a year.
S.H.T Iron & Steel Co., has applied for a US$1.94-billion project for steel production and metallurgy. The project has been passed by relevant authorities and is now waiting for the final approval from the ministry. The ministry also admitted a project to set up Viet Trung Minerals and Metallurgy Co. Ltd with an investment capital of US$175 million.
In the service fields, the Foreign Investment Department has received an application for a project to set up the Vietnam Horse Race Co. Ltd with a total investment of US$570 million in northern Vinh Phuc Province. Another project capitalized at US$160 million in the field of port construction has been submitted by SG-SSA, an international container port services joint venture company.
Notably, the Sumitomo Group of Japan is seeking to invest US$600 million into building and developing the Van Phong General Economic Zone in central Khanh Hoa Province. This project expects to build a general economic zone, including an international transhipment port in combination with tourism, service, industry, aquaculture and other economic fields.
In the urban development and housing construction field, the department has received applications for a US$100-million project by Itra Vietnam Co. Ltd for an urban project and a US$40-million project by CapitaLand Vista Co. Ltd to build houses for sales.
According to the judgment from Ministry of Planning & Investment, the average capital of an FDI project approved in the period is US$6.7 million in the first six months of this year, totalling 339 projects worth of US$2.4 billion. Large projects included the $605-million chip manufacturing factory by the US-based Intel Corp., the $314.1-million urban development project in Hanoi by Tay Ho Tay Co. Ltd., the US$300-million project to develop a 1,200-room hotel and a casino in Ba Ria-Vung Tau by US’s Winvest Investment, the UD$86-million Silver Shores-Hoang Dat tourism and entertainment zone in Danang City, the US$76.36-million project of Panasonic Communication Co., the US$60-million project of Van Phong Petroleum Bonded Warehouse Co. and the US$50-million project of Panasonic Electronic Co.
(Source: Foreign Investment Department)
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