European investors pour $19B into Vietnam

euVietnam

The capital city of Hanoi ranked first in the nation in attracting investment from European Union countries, with 357 projects worth $3 billion, according to the Foreign Investment Agency (FIA).

EU investors have funded projects in 52 provinces and cities, focusing on Ba Ria-Vung Tau, Quang Ninh and Dong Nai as well as Hanoi and Ho Chi Minh City. The agency reported that 23 out of the EU’s 28 member states had invested nearly $19 billion in Vietnam with 1,535 valid projects as of October 20.

The Netherlands topped the list with 221 projects with registered capital of $6.5 billion, accounting for 34.7% of EU investment in the country.

France ranked second with 418 projects with investment capital of $3.3 billion, or 17.4% of EU investment. The UK and Germany followed with $2.8 billion and $1.3 billion respectively.

The EU countries are mainly interested in the Vietnamese processing and manufacturing industry. EU investors play a large role in this industry with 547 registered projects worth over $6 billion, 31.8% of total investment. They have also invested $3.5 billion in 19 projects in the electricity and gas sector, as well as additional capital in the information and communications, real estate and mining sectors due to their economic potential and technological advantages.

The $2 billion Mong Duong 2 BOT coal-fired power plant, with two units and capacity of 1,240MW, is currently under construction in Mong Duong precinct, Cam Pha city, Quang Ninh province. The project owner is AES-VCM Mong Duong Power Company Limited.

A business cooperation contract on CDMA 800Mhz mobile phone network services between Vietnam Posts and Telecommunications Group (VNPT) and Hutchison Telecommunication, R.L (Luxembourg) with a total investment of $1 billion.

A business cooperation contract on telecommunications between Vietnam Posts and Telecommunications Group (VNPT) and France Cables et Radio in Vietnam (France) to build new construction works, upgrade and provide telecommunications services with a total investment of $615 million.

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