Business

Samsung’s billion-dollar project accelerates FDI inflow

With the newly licensed 1.2 billion USD Samsung Electro-Mechanics project in northern Thai Nguyen province, the flow of foreign direct investment (FDI) into Vietnam looks likely to witness a robust growth this year.

The new factory is the sixth billion-dollar project (accounting for both newly licensed and capital- increased projects) in Vietnam so far this year.
With the newly licensed 1.2 billion USD Samsung Electro-Mechanicsproject in northern Thai Nguyen province, the flow of foreign directinvestment (FDI) into Vietnam looks likely to witness a robustgrowth this year.

The new factory is the sixthbillion-dollar project (accounting for both newly licensed and capital-increased projects) in Vietnam so far this year.

In the first nine months, FDI to Vietnam (both new capital andcapital added one ) was posted at over 15 billion USD. As much as 8.3billion USD of that figure came from billion-dollar projects innorthern Bac Ninh, Thai Nguyen and Hai Phong provinces, and centralThanh Hoa and Binh Dinh provinces.

Thanks toSamsung’s new project in October, the total FDI in the first 10 monthswill be secured at a minimum of 16.2 billion USD, a considerableincrease from 10.49 billion USD of the corresponding period last yearand the target of 13–14 billion USD for 2013.

Thesituation is even more promising when considering that the Vung Ro oilrefinery project is set to receive a licence in October to raise itsinvestment capital from 1.7 billion USD to 3.18 billion USD. Inaddition, a 2 billion USD project of Thailand ’s Amata Corporation tobuild an urban area is expected to be licensed at the end of this year.

Chairman of the Vietnam ’s Association ofForeign Invested Enterprises Nguyen Mai hailed the level of capitaldisbursement – 8.62 billion USD – in the nine month period, a yearlyincrease of 6.4 percent, and the attraction of big projects from largegroups like Samsung and LG.

According to theNational Financial Supervisory Commission, the progressively stable andimproving macro economy has helped regain foreign investors’ confidencein Vietnam .

HSBC bank said that the vigorousinflow of FDI has improved the country’s export and import in the lastnine months and is a positive signal for continued economic development.-VNA
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