Statistics from the Planning and Investment Ministry showed that in 2023, Chinese enterprises invested US$4.5bil in Vietnam, a year-on-year increase of nearly 80%. — VNA/VNS
HANOI: Vietnam has seen a strong investment inflow from China, with the presence of many international corporations in various fields, including technology, electronics and renewable energy.
Last month, a delegation from China’s Sunwoda Group visited the northern province of Bac Giang to assess further investment opportunities.
General director of the firm Xiang Hai Biao said that Sunwoda plans to build a US$300mil factory in the area to produce electronic components.
Sunwoda is not the only Chinese enterprise to show an interest in Vietnam, though.
Last year, another delegation of Chinese businesses came to northern Hai Phong City to discuss a variety of possible investment projects.
Within the framework of a trade promotion programme in China, Hai Phong leaders presented investment licences for a series of projects worth nearly US$200mil early this month.
Several memorandums of understanding were signed for investment cooperation for other large-scale projects.
This reflects the recent trend which has seen investment from China pouring into Vietnam, especially since China decided to lift its Covid restriction policies in 2023.
Statistics from the Planning and Investment Ministry showed that in 2023, Chinese enterprises invested US$4.5bil in Vietnam, a year-on-year increase of nearly 80%.
In the first seven months of this year, the figure hit nearly US$1.65bil.
In terms of capital, China ranked fourth among the countries and territories investing in Vietnam in the January to July period. However, the country topped in the number of new projects, which accounted for 29.7% of the total.
Along with traditional areas, over the recent years, Chinese firms, including those from Taiwan and Hong Kong, have invested in large-scale projects in technology and electronics in Vietnam, evidenced by the presence of BYD, Goertek and Foxconn.
Planning and Investment Minister Nguyen Chi Dung said that the Chinese investments in Vietnam have considerably improved.
In the past, Chinese-funded projects were mainly in the textiles and footwear sectors, but now they have been expanded into the technology, electricity and electronics sectors.
Earlier this year, Victory Giant Technology Group decided to invest in a project to research, develop, produce and trade high-precision circuit boards, with an investment outlay of more than US$800mil in Bac Ninh Province.
BYD Group is expanding its investment in electronic component manufacturing. Currently, its Phu Tho factory is producing components and accessories for Apple.
At the same time, Runergy Group is working on a US$440mil project in the production of semiconductor components, including silicon bars and semiconductor wafers in Nghe An.
Runergy plans to increase its total investment in Vietnam to between US$1.2bil and US$1.4bil. Power China, China Rare Earth Group and Haosen Electronic Battery Co are also among the Chinese enterprises planning new investment projects in Vietnam.
Vietnam welcomes Chinese investors in the fields of high technology, renewable energy, supporting industries, electronic components, electric cars, electric batteries, essential infrastructure, international financial centre building, green finance, smart cities, ecological industrial parks and free trade zones.
These are industries that China is strong in and Vietnam has demand and development potential, the minister said at a seminar with Chinese businesses.
In his visit to China in June, Prime Minister Pham Minh Chinh met with several large firms in China and called for their investment in transport infrastructure, urban railways and high-tech entities in Vietnam.
Within the framework of a trade promotion programme in China, Hai Phong leaders presented investment licences for a series of projects worth nearly US$200mil early this month. — Viet Nam News/ANN
