More foreign companies expand investment in Vietnam

Many foreign businesses have recently visited Vietnam with the desire to invest or expand their investments in the country, according to the Ministry of Industry and Trade.

Samsung Vietnam has just asked ministries and the authority of Bac Ninh Province to create favourable conditions for the operation of the complex, especially the Samsung Display Vietnam, so that the company could expand investment and contribute more to Vietnam's economic growth.

Currently, Samsung is the largest foreign investor in Vietnam with a total registered capital of over US$17 billion.

Partners of VinaCapital, which currently manages over $3.3 billion of total assets, also expressed its desire to co-operate and invest in Vietnam in many fields, including liquefied natural gas, technology, tourism, consumption and real estate.

In addition, two American consumer electronics companies, Fitbit Inc and Tile Inc said they would shift manufacturing away from China to other neighbouring countries, including Vietnam, to avoid import tariff pressures from the US amid the trade war.

Japan’s Sharp and Kyocera and many other businesses are also developing plans to open factories in Vietnam.

Experts said that many foreign enterprises wishing to invest and expand investment in Vietnam is thanks to the country’s recent global competitiveness index (GCI) which increased 10 levels in the global ranking.

However, Vietnam still needs to make further efforts as other countries in the region, such as Thailand, who are coming up with new policies to attract investment, experts said.

Source: Vietnamnews