FDI attraction has seen positive signs with a number of international investors revealing new investment plans in Vietnam.
At a recent meeting with authorities in southern Binh Duong province, Director General of Procter & Gamble (P&G) Vietnam said the group plans to invest an additional $100 million to expand production at its Ben Cat factory.
The new investment will bring its total in Vietnam to $400 million and turn Vietnam into a key investment destination and a modern and concentrated production base in its global production chain.
After investing in a plant at the Khai Quang Industrial Park in northern Vinh Phuc province, the Polaris Group has decided to open a second factory assembling engines for motorcycles, automobiles, and other means of transport at the Ba Thien 2 Industrial Park in Vinh Phuc’s Binh Xuyen district, with investment of $30 million.
Polaris is among the top 500 largest businesses in the US, with 19 production plants across the globe.
At a recent meeting between Prime Minister Pham Minh Chinh and foreign investors in Hanoi, investors from Germany, the Republic of Korea, and Japan pledged to invest an estimated $3.7 billion in Vietnam this year. Fields include those receiving priority in investment attraction, such as green production, renewable energies, and medical equipment.
Analysts said the commitments by foreign investors show they still have faith in Vietnam.
Data from the Foreign Investment Agency at the Ministry of Planning and Investment shows that as of April 20, total newly-registered capital, additional capital, and capital contributed to buy shares or buy capital contributed by foreign investors this year reached $8.88 billion.
There were 750 new FDI projects granted investment licenses in the first four months of the year with total capital of over $4.1 billion, a year-on-year increase of 65.2 per cent in number and 11.1 per cent in value.
Nearly $1.66 billion was added to 386 existing FDI projects.
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