Vietnam receives rising interest from Western European, American investors

By Duc Minh   August 25, 2023 | 04:00 am PT
Vietnam receives rising interest from Western European, American investors
Tan Vu Port in Hai Phong City. Photo by VnExpress/Giang Huy
Vietnam is seeing rising foreign direct investment from Western Europe and the U.S., especially in renewable energy, an official has said.

Apart from traditional investors such as Japan, South Korea, China and Taiwan, new companies are coming from Germany, the Netherlands, France and Spain, with a strong focus on renewable energy, said Do Van Su, deputy head of the Foreign Investment Agency under the Ministry of Planning and Investment, at a forum Thursday.

U.S. businesses are also increasing their interests in Vietnam. Recently representatives of the U.S.’ Semiconductor Industry Association with 32 members have come to Vietnam to look for investment opportunities, he said.

Vietnam has been voicing support for renewable energy and semiconductor investment in recent years.

The country has made a commitment to achieve zero greenhouse gas emissions by 2050.

Prime Minister Pham Minh Chinh last month ordered government bodies to form a plan to train up to 50,000 engineers and 100 experts in digital transformation and manufacturing semiconductors.

Traditional investors have expressed their continued trust in Vietnam.

Choi Kyu Chul, vice president of Korea Chamber of Business in Vietnam, said that there will be increasing investment from South Korea in Vietnam in the upcoming years.

But some issues are discouraging foreign investors, such as the lack of land, especially in Ho Chi Minh City, said Dao Xuan Duc, chairman of the

Ho Chi Minh City Export Processing Zone and Industrial Park Authority Business Association.

Delays in land clearance and compensation are the main reasons for the shortage, he said.

"Many investors have chosen Dong Nai or Binh Duong Provinces to base their factories instead of HCMC," he added.

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