50 billion USD on the books for Viet Nam
Ha Noi (VNA)- Over 50 foreign invested projects have applied to plough 50 billion USD into Viet Nam, said a senior official.The high-tech, thermal power, real estate development and steel industries have been generating the most interest, said Phan Huu Thang, Head of the Overseas Investment Department under the Ministry of Planning and Investment.
Japan’s Sumitomo Group, for example, has applied for a 3.8 billion USD project to build a 2,640 MW thermal-power plant in the Van Phong economic zone in the central coastal province of Khanh Hoa.
Sumitomo had earlier been granted a joint venture lisence with the Viet Nam National Shipping Lines to build an international transit seaport also in Van Phong, at a cost of almost 200 million USD.
A representative from the group said the two projects were only the first steps in its long-term roadmap for Viet nam. The group is looking to treble its initial investment in the Van Phong international transit seaport.
The US’s AES Group has also entered into a joint venture with the Viet Nam Coal and Minterals Group to build the Mong Duong thermal power plant No.2 with a capacity of 1,200 MW in the coal mining province of Quang Ninh. The project needs an investment of almost 1.5 billion USD.
Real Estate development and hospitality indusry have also been drawing major investment. Leading in the term is the “Asian Pearl” project with an investment of 2.7 billion USD from a joint venture between the Trustee Suisse Group from Switzerland and the Viet Nam Import-Export Construction Corporation. The project is designed to comprise a financial centre, hotels and an urban area at the Khanh Hoa province’s picturesque Phu Quoc island.
Kumho Asiana from the Republic of Korea has also registered to invest 2.5 billion USD in building a cultural-commercial centre and an exhibition centre in Ha Noi. The two projects are expected to become operational before the end of the decade.
The Overseas Investment Department has also reported that following Intel’s initial appearance, the information technology market has been flourishing with inflows of major FDI projects.
Taiwan’s Foxconn Group, for example, has applied for a 5 billion USD investment to build a chain of technology parks across the country. Its ambitious plan is likely to kick off late this August with a plot in the northern province of Bac Ninh.
Pacific Land Limited of the UK is also set to roll out a 1 billion project in the Sai Dong A hi-tech park.
Chinese investors also jumped into the frey by committing to five major projects that focus on thermal power and real estate development during the State President Nguyen Minh Triet’s visit to China in May.
Of note is the An Phu Corporation and the Viet Nam National Shipping Lines along with the Chinese partners Zhao Shang and Kai Fa that will build the An Phu Hung new urban zone in Ho Chi Minh City at a cost of 1 billion USD.
An additional 650 million USD will also be pumped into a thermo-electricity plant in HCM City as well as a luxury trading zone and the Ha Long-Mong Cai highway, each is worth 400 million USD.
Thang said his agency now plans to open representative offices in Japan, the Republic of Korea, Singapore, the US and Middle-East to promote investment from these markets.--Enditem
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