2018 started with major FDI inflows

Vietnam continues to be a lucrative target for a raft of foreign investors in the first two months of 2018. Billions of US dollars have been invested in Vietnam in the first two months of the year A week ago, Japanese newswire Nikkei reported that the Japanese government and more than 20 large Japanese firms — including Sumitomo, Mitsubishi, Panasonic, and Tokyo Metro — are planning to join a gigantic project worth over $37 billion to build a smart city project in northern Hanoi. The 310-hectarea project, with property developer BRG being the Vietnamese partner, is expected to be completed in 2023. It is also expected that in October 2018, construction of about 7,000 buildings and commercial works will begin. This may be completed in late 2019. Early this month, private firm Hoa Phat Dung Quat Steel JSC, part of leading steel maker Hoa Phat Group, teamed up with Italy’s Danieli, one of the world’s largest suppliers of metallurgical equipment, on a giant stainless steel production project. The project will have a designed capacity of 600,000 tonnes per annum, which could be increased to one million tonnes per annum. Located at the Hoa Phat Dung Quat iron and steel production complex in Dung Quat Economic Zone in the central province of Quang Ngai, the project will be completed by 2020 and will seek to help the country reduce its reliance on imported stainless steel products. Stainless steel importation came to 560,000 tonnes in 2017, up 10 per cent against the… [Read full story]

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