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the expansion will become operational two
months later, creating an additional 5,000
jobs and contributing about $5 million annually
to the State budget. “The capital expansion
raises the total investment capital of the South
Korean investor to $3.25 billion, making it
the largest foreign project in Hai Phong,” said
Mr. Do Nhat Hoang, Director General of the
Ministry of Planning and Investment’s Foreign
Investment Agency (FIA).
A unit of Taiwan’s Foxconn Technology Co.,
meanwhile, was granted a license in January to
build a $270 million plant in northern Bac Giang
province producing laptops and tablets. It will
produce 8 million computers each year, including
iPads and MacBooks. Foxconn executives also
met with authorities in the north-central province
of Thanh Hoa in January to explore investment
opportunities. It is looking for 100-150 ha of
land for a $1.3-billion plant to manufacture
electronic components.
Total registered FDI stood at $10.13 billion
in the first three months of the year. Other
big-ticket projects in the January-March period
included the LNG Long An I and II Power
Plant Project (Singapore), with total registered
PHOTO: VIET TUAN
capital of over $3.1 billion in the Mekong
Delta's Long An province; an additional $312
Destination million going to a tire manufacturing plant in
southern Tay Ninh province, the $210-million
Ja Solar PV Vietnam project from Ja Solar
of choice Investment (Hong Kong, China) manufacturing
photovoltaic products in Bac Giang, the hi-
tech Everwin (Hong Kong, China) project
worth $200 million producing plastic products
Vietnam is seeing a strong wave of FDI this in north-central Nghe An province, and a
year as a host of factors play in its favor. semi-conductor manufacturing plant from
United States Enterprises in the US worth
T Ngoc LaN REPORTS
$100 million in central Da Nang city. Mr.
Evans said it is clear that the country is a
bright spot for investors, especially amid the
hile FDI attraction has tumbled ration officially received an investment reg- gloomy picture of global investment.
in many countries around the istration certificate in February for their Among foreign investors, Singapore topped
W world due to Covid-19, large-scale 1,050MW O Mon II thermal power plant the list from January to March of 56 countries
projects are still finding their way to Vietnam. project in the Mekong Delta’s Can Tho city, and territories investing in Vietnam, with $4.58
Mr. Tim Evans, CEO of HSBC Vietnam, told which has preliminary capital of VND30.56 billion, or nearly 45.5 percent of the total.
VET that the country has also emerged as a trillion ($1.33 billion). The project is expected Japan was second with $2.09 billion (20.8 per-
destination for FDI because of its market to provide power to the national grid while cent) then South Korea with $1.18 billion (11.7
size, growth story, stable political environment, simultaneously contributing to attracting for- percent). The rankings saw a marked change
willing and able workforce, and access to key eign and domestic investment and promoting compared to January, when Singapore was
export markets through a comprehensive list socioeconomic growth in Can Tho and the seventh and Japan led, followed by China,
of free trade agreements (FTAs). “We expect Delta as a whole. Commercial operations are Hong Kong (China), the US, the Netherlands,
annual FDI into the country to return to over expected in 2024-2025 and will help the con- and South Korea. Economist Le Dang Doanh
$30 billion per annum, driven by the attrac- struction of the Block B Gas Power Project told VET that, according to his observations,
tiveness of the Vietnam market due to its chain. The thermal power project has become Japan is paying increasing attention to Vietnam’s
stable government, clear and consistent poli- the largest FDI project in Can Tho to date, economy and seeking investments in the coun-
cies, stable currency, strong foreign currency contributing to total registered FDI capital try. “But Vietnam has many advantages in
reserves, 15 FTAs, inflation being under con- in the city standing at $2 billion in 85 projects, attracting FDI, so it is still too early to accurately
trol, and above all else, a hardworking and seven of which are from Japanese investors determine which country is the source of the
entrepreneurial young workforce,” he said. with $1.34 billion. new wave of FDI,” he added.
Elsewhere, the Hai Phong City People’s While large volumes of FDI generally go
FDI wave Committee issued an investment certificate to manufacturing and processing and also
The joint venture between the Vietnam in February for LG Display Vietnam Hai real estate, registered capital in the first three
Trading Engineering Construction JSC Phong to add $750 million for a project exten- months saw significant increases in science-
(Vietracimex) and Japan’s Marubeni Corpo- sion. Work is set to begin next month and technology, totaling nearly $167.13 million.

14 | VIETNAM ECONOMIC TIMES | APRIL 2021