News

Vice Chairman of Samsung Lee Jae-yong is set to meet Prime Minister Nguyen Xuan Phuc during his trip to Vietnam.

While global FDI is projected to decline by 40% year-on-year in 2020, FDI commitments to Vietnam in the first eight months dropped 13.7% year-on-year to US$19.54 billion.

FDI commitments in the January – September period totaled US$21.2 billion, down nearly 19% year-on-year.

Vietnam is home to 32,539 valid foreign direct investment (FDI) projects with registered capital of a combined US$381 billion, of which US$233 billion has been fully disbursed.

The plant, considered one of the most important projects of Hyundai, is invested with an estimated VND3.2 trillion (US$137.44 million) and able to produce 100,000 vehicles per year.

These projects are expected to create 22,500 direct jobs and manufacture products that are supplied to Microsoft, Sony, Lenovo and Apple.

In the first eight months of 2020, Singapore was Vietnam’s largest investor with US$6.54 billion, accounting for 33.5% of total commitment.

This is one of large-scale projects of European investors after the EU – Vietnam Free Trade Agreement (EVFTA) came into force in early August.

The country is set to score 102 and 94.6 out of the maximum of 250 in 2020 and 2021, staying behind only the US with its respective scores of 108.9 and 112.5.

The move would make Samsung's global production more efficient, stated the company.

In addition to the ratification of new laws, Vietnam’s participation in high-standard FTAs ensures the country’s status among attractive investment destinations, Prime Minister Nguyen Xuan Phuc has said.

In addition to current incentives, Vietnam also offers tailor-made ones for hi-tech projects that help local firms further integrate into global value chains, said a senior government official.

Following the first wave of investment in the 1990s, a second wave from Taiwanese companies to Vietnam is taking place with a focus on electronics and hi-tech fields.

The overall Business Climate Index score saw a slight increase over the last three months.

The Vietnamese government hopes multinationals, including Intel, to support Vietnamese enterprises in joining global value chains.

Vietnam's startup ecosystem is thriving thanks to the market size of its economy.

Year to August 20, 1,797 new projects have been approved with total registered capital of US$9.73 billion, up 6.6% in capital and down 25.3% in the number of project year-on-year.

The ASEAN business community could be a “safe haven” as some major multilateral institutions are under pressure to reform, said Prime Minister Nguyen Xuan Phuc.

With Petrolimex share price of VND50,400 (US$2,17) apiece at the close on August 25, Eneos is set to fork out at least VND650 billion (US$28 million) to complete the deal.

The Vietnamese finance ministry expected an easing in conditions for casino projects would attract more investors in the field.