Bright prospects for foreign investment in 2015

According to the Binh Dinh provincial Economic Zones’ Management Board, the province has already seen an upswing in registered capital for the year and has plans to grant an investment licence to the Victory Nhon Hoi-Binh Dinh oil refinery super-project in the first quarter.

If the plan materializes this year’s FDI in the project would be much higher than last year’s figure as the oil refinery super-project alone has an investment of US$22 billion and the province has many other project applications on file.

Head of the Management Board Man Ngoc Ly said the province has lately been working with two significant investors – Vietnam-Singapore Industrial Park (VSIP) and Thailand’s Amata – to locate suitable places to build industrial zones.

Ly said that if everything goes on the right track, the province would be listed among the top localities in the nation in terms of garnering FDI for 2015.

Ngo Sy Bich, Head of the Bac Ninh provincial Economic Zones’ Management Board, said the province has been negotiating with Singaporean investors in the field of software and expects to grant licenses totalling US$100 million in January.

It has also been discussing incentives with investors from Germany involving hundreds of millions of US dollars, Bich said.

Bac Ninh has already attracted many of the world’s renowned hi-tech groups like Canon and Sumitomo from Japan, Samsung from the Republic of Korea, Foxcom and Mictac from Taiwan, Tyco Electronics from the US, ABB from Sweden and Nokia from the US.

In Hai Phong province, a centre for heavy industrial projects has been formed by world’s leading groups like G.E, Kyocera, Bridgestone, Fuji Xerox and Toyota.

In Vinh Phuc province, FDI projects have helped accelerate technology transfer, positively affecting other economic sectors in the province. After Toyota and Honda companies invested in the province, many suppliers of support products for automobile and motorbike industries followed suit.

However, to turn FDI attraction capital into reality, localities should choose the proper promotion methods and strictly adhere to commitments made to investors, Bich said.