US$35Bln FDI to Be Poured into Vietnam

 

The biggest of all is Taiwan-based Foxconn Group’s US$5 billion projects. The firm’s president Terry Gou revealed the group will initially pour US$3 billion into a project producing hi-tech products, and set up a joint venture with Kinh Bac City Group to build new towns with trade and recreational centers, schools and hospitals in northern Bac Ninh and Bac Giang provinces.

 

Other projects include the 2,640 MW Van Phong coal-fueled power plant in central Khanh Hoa province. The USD 3.5 billion plant is being considered by Sumitomo from Japan. The 1,200 MW Mong Duong 2 project in northern Quang Ninh province, capitalized at US$1.46 billion, is eyed by a joint venture between AES Group (the US) and the Vietnam Coal and Mineral Group. An electricity company from Yunnan province plans to build the Southern Thermal Power Project in central Binh Thuan province valued at US$1.4 billion.

 

Many big investors including Posco from South Korea, Sunsteel from Taiwan and TaTa Steel and ESSAR from India, are paying great attention to a US$3.75 billion steel factory in Ha Tinh province with a yearly capacity of 4.5 million tons.

 

A range of tourism projects dotting the coastline of the country are being considered by economic groups from western countries. Investors from ASEAN countries are keen on two oil refinery projects, one worth US$1.53 billion and the other US$1.2 billion.

 

The FDI goal of US$12 billion will be within Vietnam’s reach if only one-third of these projects become reality, affirmed MPI minister Vo Hong Phuc.

 

Vietnam pulled in US$3.5 billion of foreign investment in total the first four months this year, up 55 per cent on-year. US$1.43 billion of which are estimated to have been disbursed, 24.3 per cent higher than the same period last year, the MPI said. (People’s Army, VNA)