Foreign investors keep trust in Vietnam’s recovery

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.

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Among others, 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.

The LG Display project in Hai Phong northern port city has even received additional investment twice this year, with 750 million USD in February and 1.4 billion USD in August.

Earlier this month, authorities in the northern province of Quang Ninh presented an investment registration certificate to a 365.6 million USD project of Jinko Solar Vietnam Co. Ltd., an affiliate of the Jinko Solar Holding Co. Ltd. The firm channeled nearly 500 million USD into a project in the province in March.

Despite current challenges triggered by the pandemic, Japanese firms in Vietnam are working to adapt and improve their production system in the new situation, according to the Japan External Trade Organisation (JETRO) in Hanoi.

Meanwhile, the European Chamber of Commerce (EuroCham) in Vietnam reported that the European business community is determined to stand side by side with the Vietnamese Government in this tough time and believes that the Government will successfully bring COVID-19 under control like it did before.

As they have showed their determination to maintain operations in Vietnam, most foreign investors hope that the Government will promptly devise a clear plan for reopening and economic recovery, or else current investment plans will be delayed and newcomers cannot enter the country to study investment possibilities.

Despite COVID-19 impacts, foreign direct investment inflows into Vietnam during the first nine months of this year rose 4.4 percent year on year to over 22 billion USD, reported the Foreign Investment Agency under the Ministry of Planning and Investment./.

VNA