Foreign firms expand investment in Vietnam

Update: 20:04 | 28/09/2021

Foreign companies including Nestlé and LG continue to expand in Vietnam since they see the country’s Covid-19 setbacks as temporary.

Nestlé has announced a $132-million investment in the next two years to build a new plant in the southern province of Dong Nai.

This is part of its long-term vision as it sees Vietnam as a regional and global manufacturing hub, CEO of Nestlé Vietnam, Binu Jacob, said at a forum Monday.

Foreign firms, expand investment, Vietnam, build a new plant, long-term vision, regional and global manufacturing hub, global supply chains

A manufacturing chain of chocolate drink Milo at a factory of Nestle in Vietnam.

There have been temporary difficulties caused by the increasing costs of the stay-at-work model and disruptions in the supply chain, but Vietnam remains one of Nestlé’s top manufacturing facilities globally, he said.

The new investment would help create new products for the Asian-Pacific markets, he said.

"The Dong Nai plant will become the biggest coffee manufacturing plant in the world."

Samsung Vietnam CEO Choi Joo Ho said his company’s investment strategy in Vietnam has not changed.

It has received support from the government and local leaders during the fourth wave of Covid-19, the stay-at-work model helps keep production going and South Korean experts are able to go through immigration quickly, he said.

It has been expanding its investment, purchasing manufacturing equipment for its six plants diversifying into 5G technology and laptops, he said.

Its $220-million R&D center in Hanoi is now 50 percent complete and set to be inaugurated by the end of next year.

Swedish company Tetra Pak announced two weeks ago an additional EUR5 million ($5.85 million) investment in its EUR120 million packaging plant in the southern province of Binh Duong that will increase its capacity by 43 percent.

The investment shows the company’s confidence in Vietnam’s post-pandemic recovery, its CEO, Eliseo Barcas, said.

LG said last month it would invest an additional $1.4 billion in its manufacturing facility in Hai Phong this year, taking the total investment to $4.65 billion.

FDI rose by 4.4 percent year-on-year in the first nine months, showing investors still have trust in Vietnam’s business environment, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said.

The Asian Development Bank’s country director for Vietnam, Andrew Jeffries, said only some orders and not companies have been moving to some other countries.

Vietnam remains an attractive destination for foreign firms and would continue to benefit from the shift in global supply chains, U.S.-China tensions and disruptions in manufacturing in some regions, he added.

14 million USD electronic component investment project approved in Bac Giang province
(BGO) – The Industrial Park Management Board (IPMB) in Bac Giang province has approved for investment project “QA Bac Giang Plant to manufacture electronic components” of QA Solar Vietnam Technology Company Limited at Song Khe – Noi Hoang industrial park.
Vietnam’s investment shifting could boost economic resilience
Phyllis Papadavid, Head of Research and Advisory at Asia House, a consulting organisation based in London, the United Kingdom, in her research, pointed out that Vietnam should promote investment to revive its economy and strengthen its ability to respond to new risks despite its success in dealing with a crisis caused by the Covid-19 pandemic.
Bac Giang strives to disburse 60 percent of the public investment capital
(BGO) – So far, the project implementation value has hit over 3.8 trillion VND (166.7 million USD), the disbursement value has reached nearly 2.8 trillion VND (122.8 million USD), representing nearly 40 percent of the plan, reported the Department of Planning and Investment (DoPI) in Bac Giang province.
Vietnam remains favoured destination for foreign investment despite Covid-19: Australian newspaper
Vietnam is likely to remain foreign investors’ favoured destination despite the Covid-19 resurgence ravaging across the country, The Australia Financial Review (ARF) said in a story published earlier this week.
Vietnam’s overseas investment soars 74% in eight months
Vietnam’s overseas investment surged 74.1% year on year to US$575 million in the first eight months of 2021, according to the Ministry of Planning and Investment.

Source: VnExpress

Bình luận mới vừa được thêm vào. Click để xem
Mới nhấtHay nhấtXếp theo: