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Foreign investment in the country has rebounded in recent times, with the Mekong Delta province of Long An being officially granted the investment registration certificate for LNG Long An I and II Gas Power Project after receiving investment from VinaCapital GS Energy Pte Ltd of Singapore.
The project features a capacity of 3,000 MW, including two combined cycle gas turbine plants that possess a capacity of 1,500 MW each, with registered investment capital totaling a figure of US$3.1 billion.
This comes after a sum of US$1.31 billion was previously invested in the O Mon II thermal power plant by a group of Japanese financiers.
According to data released by the Foreign Investment Agency under the Ministry of Planning and Investment, since March 20 the country has attracted US$10.13 billion worth of foreign direct investment, representing an annual increase of 18.5%.
Furthermore, newly-registered capital and additional increased capital has recorded sharp rises of 30.6% and 97.5% to US$7.2 billion and US$2.1 billion, respectively, after witnessing consecutive drops during the course of the initial two months of the year.
Foreign investment disbursement during the first quarter of the year reached US$4.1 billion, up 6.5% in comparison to last year’s corresponding period, thereby signaling that local foreign investment remains on a positive growth trend.
Do Nhat Hoang, director of the Foreign Investment Agency, said foreign-invested enterprises (FIEs) continues to enjoy a recovery whilst maintaining their numerous production and business activities in the post-novel coronavirus (COVID-19) period. Indeed, Vietnam remains a safe and attractive destination that continues to enjoy foreign investors pouring capital into large-scale projects throughout the country.
Hoang noted that the quality of FDI inflows has enjoyed significant improvement, with a growing trend of foreign tech giants injecting capital into the country since the beginning of the year.
Local economists have stated that, aside from two separate billion-dollar projects in the country since the beginning of the year, there remains a number of large-scale projects which will receive foreign investment moving forward.
AT&S Company of Austria has recently unveiled that the firm is seeking a location for investment into a hi-tech project in Vietnam, with total investment capital reaching EUR1.5 billion.
The company's representatives said it will have the final decision on whether or not to establish a Vietnamese factory until mid-April. Elsewhere, Taiwanese electronics giant Foxconn have also revealed that, alongside injecting an additional US$700 million into the country this year, they is poised to intensify investment into the nation in the time ahead.
