Viet Nam obtains pledges for additional US$3.7 billion in FDI

Specifically, a Korean firm would invest US$1.6 billion in the fields of heavy industry and logistics. A German investor would pour US$1.5 billion into a green production project using renewable energy. The rest of US$600 million would come from a Japanese company to produce medical equipment in Viet Nam. 

At the meeting, Gabor Fluit, Chairman of the European Chamber of Commerce in Viet Nam (EuroCham), pointed out that despite facing various obstacles, Viet Nam remains a rising star in terms of business and investment.

He suggested the Vietnamese Government should introduce appropriate and competitive preferential policies aimed at attracting investment, especially ahead of the enforcement of the global minimum tax regulation from 2024.

Takeo Nakajima, chief representative of the Japan External Trade Organization (JETRO) Ha Noi, affirmed that Japanese businesses are willing to invest further in Viet Nam. He cited a JETRO survey highlighting that 47 percent of questioned businesses are seeking to expand their operation over the next one or two years.

Meanwhile, Hong Sun, chairman of the Korean Business Association in Viet Nam (Kocham), said that the Korean Government and businesses see Viet Nam as their best cooperation partner. 

Korean investments in Viet Nam are diverse, ranging from production and manufacturing to services, as well as from labor-intensive industries to high-tech industries, he said.

Roughly 9,000 Korean enterprises have already invested in the Southeast Asian nation, employing a total of 700,000 local people.

Many Korean businesses operating in Viet Nam, especially high-tech, financial, and energy firms, are considering increasing their investment capital and making new investments, providing that the local investment environment remains stable, he said.

The minister said that new investment incentives would be introduced in the time to come to increase the competitiveness of the country's business environment.

FDI inflows to Viet Nam totalled US$5.45 billion in the first quarter of 2023, equal to 61.2 percent of the same period last year, the Foreign Investment Agency (FIA) reported./.