Fdi

Vietnam continues to remain an attractive investment destination in the long term. Foreign Direct Investment (FDI) commitments during the first nine months of 2021 rose by 4.4% year-on-year to US$22.15 billion, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown. Production at YPE VINA in Binh Xuyen 2 Industrial Park, Vinh Phuc Province. Photo: Hoang Hung Meanwhile, the serious Covid-19 situation in southern provinces/cities has led to temporary disruption of production and a reduction of 3.5% year-on-year in FDI disbursement to around $13.28. billion. Principal Country Economist of the ADB in Vietnam Nguyen Minh Cuong said the pandemic and subsequent restriction measures are wreaking havoc on businesses as a whole, including foreign companies. Cuong, however, noted for foreign businesses, any investment decision into a country would take into account long-term considerations, and they are rarely fazed by … [Read more...] about FDI commitments to Vietnam rise nearly 5% in 9-month period

At a factory of Nestle in Hung Yen province (Photo: baodautu.vn) Hanoi (VNA) – Recent announcements made by foreign investors on additional investment to expand production in Vietnam reflect their trust in Vietnam’s prospects for economic recovery, reported the Dau tu (Investment Review) newspaper. The Swiss company Nestle said it is pouring an additional over 130 million USD, raising its total investment in Vietnam to 730 million USD to carry out a number of its projects in the next two years. Urs Kloeti, Factory Manager of Nestle Bong Sen, was quoted by the newspaper as saying that his company believes in Vietnam’s role as an international and regional manufacturing hub in the future. Alongside Nestle, other foreign firms have committed to maintaining operations in Vietnam despite the fourth wave of COVID-19 outbreaks that have forced various localities to apply stringent preventive measures. Tetra Pak of Sweden has confirmed that it will pump 5 million EUR (5.86 … [Read more...] about Foreign investors keep trust in Vietnam’s recovery

Ca Na Port is important for Vietnam's energy development As Vietnam has yet to deploy any liquefied natural gas (LNG) power project, Ninh Thuan has been greenlighted to select investors for its LNG Ca Na Power Centre project through international bidding. In light of the decision of Ninh Thuan People’s Committee, the provincial Department of Industry and Trade has been tasked with inviting bidders and holding the bidding to select an investor to implement the first phase of the 1,500MW LNG Ca Na Power Centre in accordance with existing regulations on bidding, particularly Article 10 of governmental Decree No.25/2020/ND-CP dated February 28, 2020. During implementation, it needs close cooperation and reach a consensus with relevant state bodies, including the Ministry of Industry and Trade, Ministry of Planning and Investment, and Electricity of Vietnam, in regards to criteria on choosing investors to ensure bonafide competition and the chosen investor can best implement the … [Read more...] about Ninh Thuan to select investors for LNG power project via international bidding

An apparel factory of the Formostar Garment Vietnam Co., Ltd in Hai Duong province (Photo: VNA) Hanoi (VNA) – Vietnam’s labour productivity is very low compared with growth need, thus raising productivity is the key to economic growth, experts said at a conference on April 13. According to Ngo Van Tuan, deputy director of the Party Central Committee’s Economic Commission, the country’s productivity increased by an average 4.7 percent a year during 2011-2017, while the GDP growth was about 6.21 percent and real wage rose by an average 12.59 percent. “This means production costs in Vietnam is becoming more expensive, which directly affects the country’s competitiveness,” Tuan told the CEO forum 2018 held by the Vietnam Economic Times. The General Statistics Office (GSO) reported that local productivity has been increasing throughout recent year, but remains lower than regional levels. By purchasing power parity in 2012, Vietnam’s productivity in 2016 reached 9,894 … [Read more...] about Labour productivity enhancement – key to economic growth

Vietnam’s tuna exports to EU see strong surge thanks to EVFTA Vietnam exported 15,870 tonnes of tuna worth 73.33 million USD to the European Union in the first half of 2021, up 39.3 percent and 31.6 percent, respectively, against the same period last year, according to a journal published by the Ministry of Industry and Trade (MoIT). The tuna shipments accounted for about 15.1 percent of Vietnam’s total seafood export value to the EU. In the second quarter of 2021, the country shipped 9,360 tonnes of tuna to this market, raking in 45.05 million USD, up 43.9 percent in volume and 59.3 percent in value from the previous quarter. The surges were attributed to tariff reductions granted to Vietnam’s tuna products under the EU-Vietnam Free Trade Agreement (EVFTA), which took effect on August 1, 2020. According to the MoIT, Vietnamese tuna was sold at 4.62 USD per kg on average to the EU in the first six months of the year, down 0.27 percent year on year. The global tuna prices … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 25