Vietnam has attracted a total capital of US$10.2 billion in foreign direct investment (FDI) this year, a record level far beyond the year target of US$6.5 billion.
The largest project among top ten FDI projects in 2006 is by Posco Co. Ltd from South Korea, the world's third largest steel maker, which has planned to inject US$1.126 billion in a hot-rolled and cold-rolled steel factory in the southern province of Ba Ria-Vung Tau.
In the first stage of the project, Posco will spend US$340 million on building the cold-rolled steel plant, expected to be completed in 2009 with an annual capacity of 700,000 tons.
The second phase will start in late 2012 when the firm plans to finish a hot-rolled steel plant and expand cold-rolled facilities with a goal to make 4.5 million tons of products every year.
Posco’s plants are expected to provide jobs for some 10,000 Vietnamese laborers.
It is followed by US-based Intel Corporation’s microprocessor assembling project in Ho Chi Minh City Hi-tech Park, with a combined capital of US$1 billion, the biggest-ever US investment in the country.
Intel plans to recruit 4,000 domestic workers for the plant scheduled to debut by 2009.
Thailand-based Tycoons Worldwide Steel Group ranks third with a US$556 million steel project, designed to produce two million tons of ingot annually from 2006-2009, in Dung Quat Economic Zone in the central province of Quang Ngai.
As many as 4,000 employees are expected at the plant.
A Republic of Korea consortium will pour US$314 million in an urban development project in Hanoi with housing, hotels, commercial centers and parks to be set up in the Tay Ho Tay area.
The consortium, including five companies namely Daewoo Engineering, Kolon Engineering & Construction Co. Ltd. and Keangnam Enterprises Ltd, will carry out the project next year, slated to finish by 2014.
US-based Winvest Investment group comes fifth with a US$300 million project to build a complex of resorts, five-star hotels and entertainment centers in the southern province of Ba Ria-Vung Tau.
The sixth largest project belongs to Japanese Meiko Electronics Ltd Co. with US$300 million for a printed circuit board factory in the northern province of Ha Tay, about 50km from Hanoi.
The plant is expected to employ some 7,000 laborers and generate an annual turnover of US$1.7 billion.
It is followed by the UK-based P&O Ports and Tan Thuan Industrial Promotion Co. (IPC) with a US$249 million project to develop Saigon Premier Container Terminal in Hiep Phuoc Industrial Park, some 10 km from Ho Chi Minh City center.
The port, including a 950 meter wharf and a 40 ha container yard, is designed to serve more than 1.5 million TEUs (twenty-foot equivalent units) of cargo annually once coming into operation in 2008.
Following is RoK-based Posco Construction Company’s US$221.9 million investment in an urban 264 ha-site township project in Ha Tay, expected to operate in 2020.
Booyung Ltd Co. from South Korean with US$170 million project to construct high-quality 30-storey apartment buildings, among other extra works in Ha Dong town of Ha Tay stands in ninth position.
The last of the list is US-based International Textile Group (ITG) with US$65.5 million to build a production complex in Da Nang city.
The complex construction was begun in the third quarter of this year and production is to start in early 2008, providing jobs for some 1,500 workers.
South Korea tops among FDI investors in Vietnam this year with around US$2.4 billion in 203 projects, three times last years figure.
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