FDI continues pouring in Vietnam
The Laguna Lang Co project has finally got the government`s approval to increase capital investment from US$875 million to US$2 billion.
Chairman of Banyan Tree, Ho Kwon Ping received the investment certificate from Thua Thien Hue Chairman of People's Committee during the Vietnam - Singapore business framework on April 27.
An overview of Ho Chi Minh city.
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Sembcorp, a Singaporean investment corporation announced the signing of memorandum of understanding with Quang Ngai province on constructing Dung Quat power plant. Originally, Sembcorp was considering of building a thermal power plant at Dung Quat for US$2 billion.
However, as Exxon Mobil confirmed a multi-billion dollar Blue Whale gas project, which extract gas from a depth of 1,500 m below the seabed to transport onshore, Sembcorp has now turned to invest in a 750 - megawatt gas-fired power plant, which is scheduled to be operational in 2024. The project is expected to have capital investment of over US$2 billion.
Additionally, Vietnamese C.T Corporation has signed cooperation agreement with Soibuild, a top real estate firm in Singapore. Following the agreement, C.T will cooperate with Soibuild in developing I-Town urban project worth US$350 million.
Once these projects get approval for investment, capital inflow from Singapore to Vietnam is expected to increase significantly. At present, Singapore is the third largest investor in Vietnam, after Korea and Japan with total registered capital of US$43 billion.
It is considered an welcome news, especially when total registered investment to Vietnam in the first 4 months of 2018 reached US$8.06 billion, equivalent to 76.1% compared to the same period of last year, according to the Foreign Investment Agency under the Ministry of Planning & Investment.
Total foreign investment capital in the first quarter of 2018, including newly-registered, added and capital contributed by foreign investors, is at US$5.8 billion, decreasing 24.8% over the the same period of last year.
As at March 20, disbursement progress of FDI projects reached US$3.88 billion, increasing 7.2% year on year.
Specifically, 618 new projects have been approved with total investment capital of US$2.12 billion, down 27.3% over the last year's period, while 199 existing projects have adjusted capital investment with additional fund of US$1.79 billion, a decrease of 54.6% year on year.
In the first quarter, 1,285 projects have capital contributed by foreign investors at US$1.89 billion, up 121.6% over the last year period, in which investors purchased shares to increase charter capital at 732 projects with US$1.34 billion and 553 projects having shares purchase without an increase in charter capital of US$547.8 million.
Investors have invested in 17 fields and sectors, in which manufacturing and processing continued to attract substantial attention with investment capital of US$3.44 billion, accounting for 59.4% of total registered capital.
Followed by retail and wholesale with investment capital of US$531 million, then real estate with US$486 million.
The data shows that 76 countries and regions have on-going projects in Vietnam, with Korea ranked first for US$1.84 billion, contributing to 31.6% of total investment. Hong Kong came in the second place with around US$689 million, while the third place belonged to Singapore with US$649 million.
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Vietnam calls for more US investment in innovation, hi-tech
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Vietnamese leader urges Boeing to build production facility in Vietnam
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Foreign capital pouring into Vietnam's real estate market
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years