Photo: VGP Addressing the event, U.S. investors showed their optimism about the business opportunities and outlook in Viet Nam, voicing their belief in the drastic efforts of PM Nguyen Xuan Phuc and his Government in improving the investment environment and promoting the development of infrastructure and the digital economy in the country. Bernerd De Santos, Senior Vice President and CEO of energy giant AES, stated that his group wishes to be involved in Viet Nam’s economic development process. Meanwhile, a representative from GE Global asked the Vietnamese Government to direct its functional agencies to accelerate the policy making process aiming to create favorable conditions for investors. A Medlife representative hailed the strong growth of Viet Nam’s non-life insurance industry, urging the Vietnamese Government to continue reforming State-own enterprises, especially in the fields of finance and banking, thus enabling foreign firms to participate in and make … [Read more...] about PM calls on large U.S. firms to invest in VN
Ge capital invest direct
Viet Nam needs breakthrough reforms in the national foreign direct investment (FDI) approach to sustain the country’s rapid economic development, competitiveness and inclusive prosperity. – VNA/VNS Photo Viet Nam needs breakthrough reforms in the national foreign direct investment (FDI) approach to sustain the country’s rapid economic development, competitiveness and inclusive prosperity, according to a report launched by the International Finance Corporation (IFC) and the Ministry of Planning and Investment (MPI) yesterday. The Recommendations on Viet Nam Next Generation FDI Strategy and Vision 2020-30 report says Viet Nam has been an attractive destination for FDI for about 30 years. FDI capital has become a major driver of Viet Nam’s economic development and international integration, creating large numbers of jobs, diversifying exports, improving technology and facilitating economic restructuring. In the last decade, annual FDI inflows shot up by a factor … [Read more...] about Viet Nam needs reforms for new FDI strategy
Investors are keeping their faith in Vietnam’s wind power sector, even though it is not taking off due to an unbankable purchase power agreement, seven years after the government released the incentives for wind power projects. Local wind power tempting despite low incentives Asked whether investors would contemplate leaving Vietnam’s wind sector, Morten Dyholm, vice president of Vestas Group, stated that investors see great potential, huge demand, and strong political commitment here. Wind power is one of the most competitive energy sources globally and one of the fastest-growing industries in the world. “Thus, global firms will not leave this market,” he said, adding that a series of petitions have already been submitted. Having co-operated with many investors, Duong Tan Long, head of the Energy and Electricity at the Binh Thuan Department of Industry and Trade, said that foreign investors are still waiting for feed-in-tariff (FiT) adjustments as … [Read more...] about Local wind power tempting despite low incentives
Vietnam has very good achievements in foreign direct investment attraction, however, it needs to change its strategy and orientation to focus on the necessary sectors to improve efficiency. For sustainable future development, it is important to set the country's priorities right (Illustration photo: GE's factory in Haiphong) Sectors of current focus Numerous foreign groups have been doing business successfully in Vietnam, such as Samsung, LG, Intel, GE, Mitsubishi, and Panasonic. However, the draft of FDI attraction orientation and strategy for 2018-2030 built by the Ministry of Planning and Investment in collaboration with the World Bank noted that Vietnam needs to carefully review the priority sectors to attract FDI in the time to come. According to Simon Bell, the World Bank’s senior advisor on investment policy, experts mentioned high-added value in FDI attraction but have not pointed out sectors and what to do, and that in the new orientation, Vietnam needs to identify … [Read more...] about Vietnam’s FDI attraction: which sectors to prioritise?
Six years after announcing it was leaving Vietnam and then unsuccessfully tried to sell all the assets and facilities at its Ho Chi Minh City-based solar equipment manufacturing project, First Solar last year suddenly declared it planned to return to the country and the city. It set about recruiting large numbers of human resources in mid-January and then held a ceremony to take delivery of the initial equipment needed for producing its latest, high-tech Series 6 photovoltaic (PV) modules in the city’s Dong Nam Industrial Park, where it first operated. Old stamping ground First Solar was initially licensed in early 2011 to invest in a PV module manufacturing project with total investment of $1.2 billion at Dong Nam. Just a few months after getting the project underway, however, it then announced it was suspending operations due to an imbalance between global supply and demand for solar panels. It authorized Cushman & Wakefield to sell all of its facilities in … [Read more...] about Solar industry shining bright