Vietnam continues to attract large-scale FDI projects despite the unpredictable global situation.

The Economic Zone Management Board of the northern port city of Hai Phong recently granted an investment license to South Korea’s SK Group to build the Ecovance high-tech biodegradable material factory, with total investment of $500 million. This is the first factory of its kind in Southeast Asia.

The city also licensed four other projects from countries with advanced production technology and modern administration capacity and that meet global standards on environmental protection.

North-central Nghe An province, meanwhile, has emerged as one of the leading localities in FDI attraction, with over $1.27 billion worth of FDI capital as of September 20.

It granted an investment license to the Sunny Group on September 20 for the construction of a plant producing electronic components and automobile accessories with total investment of $150 million.

These projects contributed to Vietnam’s FDI attraction reaching $20.21 billion in the first nine months of the year, a year-on-year rise of 7.7 per cent, figures from the General Statistics Office show.

FDI disbursement in the period also rose 2.2 per cent year-on-year to $15.91 billion.

Many international organizations believe that Vietnam continues to be an investment destination of choice for foreign investors.

The country’s FDI attraction results have been attributed to infrastructure development, administrative reform, and a favorable investment environment.