Economy

Foreign investors, encouraged by new laws and information that Vietnam is among 21 IMS Health-ranked markets with the fastest growth rate, have completed M&A deals to save time for procedures and starting production lines.

Since Vietnam and the Republic of Korea (RoK) set up diplomatic relations in 1992, bilateral ties have seen robust growth in all fields, from politics, economy, security-defence to culture, education and science-technology.

Many provinces and cities have licensed projects worth billions of US dollars through their investment forums this year. But experts said the key issue remains how to push these projects from the planning to the action stage.

A company has proposed to the authorities of the Mekong Delta province of Hau Giang a plan to develop tourism at the local famous Nga Bay floating market, Nga Bay town, at a cost of more than VND700 billion (nearly US$30 million). 

Foreign-invested enterprises have become an important driving force for Vietnam’s economic development and international integration after 30 years since the country began attracting foreign direct investment (FDI).

More than US$1.38 billion in foreign direct investment (FDI) was poured into the northern port city of Hai Phong during January-August, a year-on-year increase of 99.34%.

The Vietnam Opportunity Fund (VOF), managed by VinaCapital Group, on August 31 announced its US$25 million investment in the Tam Tri Medical Group, which owns four private hospitals in Da Nang, Nha Trang city, Ho Chi Minh City and Dong Thap province.

The Aviation Corporation of Vietnam (ACV) and local authorities in the central province of Thua Thien-Hue have agreed to invest US$95 million in the expansion and upgrade of Phu Bai Airport.

The People’s Committee of the southern industrial province of Dong Nai held a dialogue on August 28 with locally-based Japanese firms with the aim of removing obstacles for the firms’ operation. 

The Viet-Pan Techno Park in Ho Chi Minh City has served as a model for similar projects to lure foreign investors from Japan and other countries to the city, said Vice Standing Chairman of the municipal People’s Committee Le Thanh Liem.

VOV.VN - Japan was the biggest foreign investor in Vietnam over the first eight months of this year with a total investment capital of about US$7 billion, followed by the Republic of Korea with US$5.16 billion and Singapore with US$3.47 billion.

VOV.VN - The Ba Ria-Vung Tau provincial People’s Committee handed over an investment registration certificate to Hyosung Chemical Corporation from the Republic of Korea on August 28, permitting investment in a project at Cai Mep Industrial Zone (IZ) in Phu My town.

Foreign direct investment (FDI) registered in Vietnam in the first eight months of this year witnessed a year-on-year increase of 4.2% to US$24.35 billion.

More than half of five-star hotels in Ho Chi Minh City and Hanoi are owned by foreign investors.

Vietnamese buyers spent US$3 billion on homes in the US between April 2016 and March 2017, showing the interest of Vietnamese people in this segment, but also raising the question of how such large amounts of money could be transferred abroad.

Vietnam will produce more than 23 million tonnes of animal and poultry feed this year, according to a report by the Ministry of Agriculture and Rural Development (MARD).

Huntsman Corporation, a US manufacturer and chemical company, opened a multi-purpose facility at the Amata Vietnam Industrial Park in the southern province of Binh Duong on August 23.

A series of new airport projects and upgrading of existing airports have been suggested with total investment capital of billions of dollars.

Japanese firms have recently poured capital into many large-scale, high-tech projects in Vietnam.

A workshop to update enterprises from the Republic of Korea (RoK) on Vietnam’s investment environment and opportunities in the food processing industry was held in Seoul on August 22.