An influx of foreign direct investments (FDI), especially those capitalising several billion USD, have helped revitalise Vietnam ‘s economy.
The most recently-licensed major projects include the Son Duong Formosa steel complex and port within the Vung Ang economic zone in the central province of Ha Tinh . Investment from the Formosa group of Taiwan reached 7.8 billion USD in the first phase of the project.
Following are a 4.3-billion-USD tourist complex in Phu Yen province, funded by New City Properties Development from Brunei , and a 4.2-billion-USD tourist resort in southern Ba Ria-Vung Tau province with investment from the Asian Coast Development Ltd from Canada .
The Ho Chi Minh City People’s Committee has granted an investment license to the Berjaya Leijaya company of Malaysia to build an international university city work 3.5 billion USD.
In addition, a number of “super” projects are awaiting licenses such as a 10-billion-USD investment from US and Canadian investors onto the Phu Quoc islands in southern Kien Giang province.
Another major project on the waiting list is construction of a 5.3 billion USD steel complex in central coastal Khanh Hoa province invested by the Posco steel group of the Republic of Korea .
These projects are viewed as a sign of foreign investors’ confidence in the Vietnamese economy, despite its current difficulties.
At a Vietnam business forum held in Hanoi last June, investors from the US , Europe and Japan agreed the Southeast Asian economy would still be a magnet for investment in the near future.
The Ministry of Planning and Investment reported that the country recorded 35 billion USD in FDI for the first half of the year, meeting the yearly target.
The Ministry’s Foreign Investment Department Head Phan Huu Thang predicted that this year’s FDI may surpass the 40 billion USD mark.
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