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Vietnam waiting for major technology projects

Vietnam is waiting for major high-tech and future technology projects registered in 2024, as many foreign big names in this field have expressed their interest in the domestic market.
Vietnam waiting for major technology projects ảnh 1Illustrative image (Photo: baodautu.vn)
Hanoi (VNA) - Vietnam is waitingfor major high-tech and future technology projects registered in 2024, as many foreignbig names in this field have expressed their interest in the domestic market.

A few days ago, China’s Hainan Drinda NewEnergy Technology Co., Ltd. signed a memorandum of understanding on investingin a solar panel factory project at the Hoang Mai II Industrial Park in thecentral province of Nghe An, with investment capital of 450 million USD possiblyin the first phase.

The US’s Lam Research Corporation recently cameto Vietnam to seek investment opportunities. During a meeting with Prime MinisterPham Minh Chinh, Vice President and head of Global Operations at Lam Research KarthikRammohan said that the corporation aims to expand its operations and diversifyits supply chain in Asia.

He shared a plan to cooperate with theRepublic of Korea’s Seojin company, which has factories located in Bac Ninh andBac Giang provinces, to develop a factory and supply chain for thesemiconductor industry, with an investment of 1-2 billion USD in the firstphase. Even after this phase, Lam Research plans to invest directly andcontinue to expand operations in Vietnam.

Similarly, a joint venture between China’sHuadian Corporation and Vietnam’s Minh Quang company officially announced itsplan to invest in a super project to produce green hydrogen in the centralprovince of Quang Tri, with a total capital of around 2.4 billion USD.

Appreciating Vietnam’s desire to attract investmentin advanced, new and future technology projects such as semiconductor,artificial intelligence (AI), and green hydrogen, President of Vietnam’sAssociation of Foreign-Invested Enterprises Nguyen Mai noted thebiggest obstacle is that Vietnam does not have adequate institutions, policies,and mechanisms, and even the investment environment and administrative procedureissues still have many problems.

Therefore, he proposed giving priority toperfect institutions and laws, improving the internal strength, modernisingsocio-economic infrastructure, and speeding up administrative reform.

According to the Foreign Investment Agencyunder the Ministry of Planning and Investment, Vietnam attracted 6.17 billionUSD in foreign direct investment (FDI) in the first quarter of 2024, ayear-on-year rise of 13.4%.

Specifically, in the period, 644 newprojects with total registered capital of 4.77 billion USD were grantedinvestment certificates, up 23.4% in the number of projects, and 57.9% in valueyear-on-year.

A total of 934.6 million USD was registeredto be added to 248 existing projects and 466.2 million USD earmarked for stakepurchase and capital contribution.

The disbursed foreign investment rose by7.1% in the first quarter to reach 4.63 billion USD, a signal that thedisbursement will continue the positive trend, the agency said./.
VNA
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