At a factory of Nestle in Hung Yen province (Photo: baodautu.vn) Hanoi (VNA) – Recent announcements made by foreign investors on additionalinvestment to expand production in Vietnam reflect their trust in Vietnam’sprospects for economic recovery, reported the Dau tu (Investment Review)newspaper.
The Swisscompany Nestle said it is pouring an additional over 130 million USD, raisingits total investment in Vietnam to 730 million USD to carry out a number of itsprojects in the next two years.
Urs Kloeti,Factory Manager of Nestle Bong Sen, was quoted by the newspaper as saying thathis company believes in Vietnam’s role as an international and regionalmanufacturing hub in the future.
AlongsideNestle, other foreign firms have committed to maintaining operations in Vietnamdespite the fourth wave of COVID-19 outbreaks that have forced variouslocalities to apply stringent preventive measures.
Tetra Pakof Sweden has confirmed that it will pump 5 million EUR (5.86 million USD) toexpand its existing 120-million-EUR plant in Binh Duong southern province.
Theinvestment demonstrates the company’s trust in Vietnam’s strong economicrecovery after the pandemic, according to Managing Director and President atTetra Pak Vietnam Eliseo Barcas.
In particular,the LG Display project in Hai Phong northern port city has received additionalinvestment twice this year, with 750 million USD in February and 1.4 billionUSD in August.
Earlierthis month, authorities in the northern province of Quang Ninh presented aninvestment registration certificate to a 365.6 million USD project of JinkoSolar Vietnam Co. Ltd., an affiliate of the Jinko Solar Holding Co. Ltd. Thefirm channeled nearly 500 million USD into a project in the province in March.
Despitecurrent challenges triggered by the pandemic, Japanese firms in Vietnam areworking to adapt and improve their production system in the new situation, saidChief Representative of the Japan External Trade Organisation (JETRO) in Hanoi NakajimaTakeo.
For hispart, Alain Cany, Chairman of the European Chamber of Commerce (EuroCham) inVietnam, said the European business community is determined to stand side byside with the Vietnamese Government in this tough time and believes that theGovernment will successfully bring COVID-19 under control like it did before.
As theyhave showed their determination to maintain operations in Vietnam, most foreigninvestors hope that the Government will promptly devise a clear plan forreopening and economic recovery, or else current investment plans will bedelayed and newcomers cannot enter the country to study investmentpossibilities.
DespiteCOVID-19 impacts, foreign direct investment (FDI) inflows into Vietnam during thefirst nine months of this year rose 4.4 percent year on year to 22.15 billionUSD, reported the Foreign Investment Agency under the Ministry of Planning andInvestment.
The total imports-exports value of the FDI sector in the first eight months ofthe year also surged 31.2 percent to 297.43 billion USD, with exports accountingfor 156.64 billion USD./.
