Bright prospect continues for Vietnam's FDI attraction despite COVID

(VOVWORLD) - Positive signs of investment inflows have been seen during meetings between National Assembly Chairman Vuong Dinh Hue and executives from many big European firms held as part of Mr. Hue's recent working visit to Europe. 
Bright prospect continues for Vietnam's FDI attraction despite COVID - ảnh 1Illustrative image. (Photo: VNA)

Siemens Energy AG of Germany said it will continue to seek investment opportunities in energy projects in Vietnam.

Denmark’s Orsted Group, which runs 27 wind power projects in the world, revealed its plan to form a joint venture or association with T&T Group to research and invest in wind power projects in Vietnam.

The US’s Exxon Mobil said it will pursue the Blue Whale project offshore Vietnam with an estimated capital of tens of billions of dollars. The company has also mapped out a plan to pour investment in another gas-fuelled power project in Hai Phong city.

Infra Asia Investment which has invested 1.2 billion USD in industrial parks in Hai Phong city and Quang Ninh province said that it plans to expand investment in renewable energy including wind power and solar power.

Regarding information that the COVID-19 pandemic and social distancing measures might cause foreign investors to leave Vietnam,  Alain Cany, Chairman of EuroCham Vietnam said that these are mainly “transfer of orders and is a temporary decision of businesses” and “no European businesses have left Vietnam yet.”

According to the EuroCham Vietnam chairman, although some orders have moved out of Vietnam, investors still stay in the country. The hesitation, if any, is only for some new investors who are making new investment decisions.

HSBC said in a recently published report that Vietnam's strong foundational conditions will help offset short-term fluctuations caused by COVID-19. The fact that LG Display has just made an additional investment of 1.4 billion USD to increase OLED screen production in the country is a typical example.

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