Vietnam remains as an attractive investment destination in 2019

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From the end of 2018, Nghi Son Refinery and Petrochemical Project, with an investment of over 9 billion USD, started operation, which has demonstrated that Vietnam is an attractive investment destination. 

In 2018, many Japanese, Republic of Korea or Taiwanese enterprises came to Vietnam to study the investment environment. Some signed deals with businesses currently operating in Vietnam hoping that they can benefits by the FTAs and CPTPP.

Photo for illustration. Photo: CafeF

According to the Ministry of Planning and Investment, in 2018, 112 countries and territories invested in Vietnam. Among them, Japan took the lead with a total investment of 8.59 billion USD, accounting for 24.2% of the total FDI. The Republic of Korea was the runner-up with 7.2 billion USD and Singapore took the third place with 5 billion USD of investment.

Mr. Goki Nobuta, General Director of Thang Long Vinh Phuc Industrial Park Company, said that the industrial park has 8 investors from Japan and is waiting for other investors. When the construction is completed, the park is expected to attract around 80 Japanese investment projects in the fields of hi-tech engine manufacturing, supporting industry, auto spare parts production, electronic accessories and precision mechanical products, and create jobs for around 30,000 local laborers.

Speaking to the CAND Newspaper about the attractiveness of Vietnam's market in 2019, Mr. Thach Thuy Ky, Chief of the Taipei’s Economic and Cultural Office in Vietnam said: "Recently, many enterprises from the Hsinchu Hi-Tech Industrial Park of Taiwan visited Vietnam to learn about the investment environment in the Hoa Lac Hi-Tech Park, Ho Chi Minh City, Hai Phong and Da Nang. They are impressed with the infrastructure in these areas. That is a positive signal."

"In addition to the similarities in culture, food and customs, abundant, cheap labor resources and the strong international integration of Vietnam with a number of FTAs are the advantages that Taiwanese enterprises are interested in," he added.

According to Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, the international context is changing, which poses opportunity for Vietnam to go ahead, and not to depend on the trade and investment from some other countries and markets.