Following "eagles", giants from Japan, RoK flock to Vietnam

Update: 16:46 | 22/04/2021

(BGO) – While most Korean investors land investments in Bac Ninh province, a series of investors from mainland China and Taiwan (China) have flocked to Bac Giang province. Industrial real estate is expected to benefit from this wave.

Following the "eagles"

Foxconn Technology Group, the world's largest contract electronics manufacturer, said it will invest about 700 million USD in Vietnam by 2021. By the end of 2020, Foxconn had poured 1.5 billion USD in the country and is planning to recruit 10,000 more workers this year.

Following eagles, giants from Japan, RoK, flock to Vietnam, Bac Giang province, FDI flow, foreign investment

The industrial parks in Bac Giang attract many investors.

Foxconn's presence has brought a series of businesses from mainland China and Taiwan (China) to Bac Giang, focusing on building high-tech factories and forming partnerships to make products for major brands. For example, Luxshare-ICT Vietnam, a subsidiary of Luxshare-ICT Precision Group, owns two factories in Bac Giang.

Luxshare currently ranks 20th in the top 100 largest companies in China, and is one of the three firms manufacturing products for Apple Group, including the blockbuster of iPhone.

A representative of JLL said that the presence of large enterprises will be followed by a series of supporting industrial factories. Most Korean investors are present in Bac Ninh province, while Bac Giang is welcoming a series of production chains by Chinese investors. Industrial real estate is expected to benefit from this wave.

Clearing land to build nests for "eagles"

Thanks to the FDI wave in the second half of 2020, especially in the technology field, the occupancy rate of the industrial zones remains at 75 percent while that of the ready-built factories is 98 percent. Strong production recovery leading to a boom in demand for industrial property in the future has fueled the escalation of industrial land prices.

To welcome foreign investment, localities have actively promoted the expansion of industrial parks, with an additional planned area of about 10,500 hectares. Besides prominent industrial provinces, Hung Yen, Hai Duong or farther northern provinces such as Bac Giang and Vinh Phuc are drawing much attention from foreign investors.

Therefore, land prices in these areas are forecast to continue to increase 8-10 percent year on year. The ready-built factory market is also predicted to become more bustling, with about 332,000sq.m of new factories to be launched by the end of 2021, mainly in Hai Phong and Bac Ninh.

In addition, to welcome the investment wave, according to Shin Byungchul - Senior Vice President of Hanwha Energy Corporation cum General Director of Hanwha Energy Vietnam (Hanwha Group - the Republic of Korea), the important issue is that Vietnam needs to prepare high quality human resources. This is increasingly necessary as more and more projects in the technology sector are coming to the country.

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Source: Dan Tri

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