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/ February 25, 2021

Vietnam lures 5.46 billion USD in foreign investment

As much as 5.46 billion USD worth of foreign direct investment (FDI) is injected into Vietnam as of February 20. (Photo: VNA) Hanoi (VNA) - As much as 5.46 billion USD worth of foreign direct investment (FDI) was injected into Vietnam as of February 20, equivalent to 84.4 percent of the figure recorded in the same time last year, according to the Ministry of Planning and Investment . As many as 126 foreign projects were granted investment licences with total registered capital of 3.31 billion USD, a year-on-year fall of 33.9 percent. Meanwhile, 115 existing projects adjusted their investment capital with a total additional sum of 1.61 billion USD, or 2.5 times higher than the same time last year. Capital contributions and shares purchases by foreign investors stood at 543.1 million USD, down 34.4 percent. Foreign investors pumped capital in 17 sectors, with processing and manufacturing holding the lead with over 3 billion USD or 55.7 percent, followed by power production and distribution with 1.44 billion USD (26.5 percent), real estate 485 million USD, and science-technology nearly 153 million USD. Japan topped the list of 46 countries and territories landing investment in Vietnam , with 1.64 billion USD, equivalent to nearly 30 percent of the total. Singapore came second with 1.07 billion USD (19.6 percent), and the Republic of Korea third with 1.05 billion USD (19.3 percent). The ministry said the southern province of Can Tho lured the lion’s share of FDI with 1.31 billion USD, accounting for 24.2 percent of the total. Hai Phong city was the runner-up since it attracted nearly 918 million USD, or 16.8 percent. Bac Giang came third with nearly 573 million USD (10.5 percent). So far this year, the foreign-invested sector has earned 38.07 billion USD from exports, up 34 percent year-on-year, and making up 76.1 percent of the nation’s total export turnover. At the same time, it spent 31.6 billion USD on imports, up 31.2 percent …

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/ October 29, 2020

AES, PetroVietnam set up joint venture for US$1.4 billion LNG terminal

The Hanoitimes - The partnership is expected to develop a hub for LNG imported from the US. US energy firm AES Corporation and Petrovietnam Gas JSC (PV Gas) on Wednesday signed a term sheet of the joint venture agreement for a liquefied natural gas (LNG) terminal with a US$1.4 billion investment in central Vietnam. AES Corp. and PV Gas sign deal at IPBF at the presensence of Vietnam's Deputy Prime Minister Pham Binh Minh and US Ambassador to Vietnam Daniel J. Kritenbrink. Photo: AES Vietnam With the agreement signed during the 3rd Indo-Pacific Business Forum (IPBF) held in Hanoi on October 28-29, the joint venture is expected to speed up Son My LNG Terminal’s financial completion which is scheduled in 2022 and commercial operations in 2025. The Son My LNG terminal complements AES’ investment in gas infrastructure around the country, with its previously announced US$1.8 billion 2,200 megawatts (MW) combined cycle gas turbine (CCGT) power plant. Together, the plant and terminal will play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG as well as meeting the country’s increasing demand for sustainable and affordable electricity. “This is an important milestone for the development of the Son My LNG terminal and our CCGT power plant. With these two projects, AES is fully committed to the country’s growth in cleaner energy sources and offering the most reliable and affordable electricity to support the continued economic growth of Vietnam,” said President of AES Vietnam David Stone. As part of the signing ceremony, AES also received a Letter of Interest from the US’ Eximbank and International Development Finance Corporation (DFC) to support the Son My LNG Terminal and Son My 2 CCGT projects with a loan amount of US$3.2 billion. Making comments in pre-recorded remarks to a business conference hosted both online and in person in Hanoi, US State Secretary Mike Pompeo said Vietnam has …

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