According to the Da tu (Investment) newspaper, Vietnam expects foreign direct investment (FDI) to increase in 2022 and subsequent years, with positive signals seen as early as this year.
The first FDI project receiving an investment license in Vietnam this year, with a total investment of USD 2.3 billion, is the Hai Lang liquefied natural gas (LNG) power plant project in the central province of Quang Tri. Following that, there are various other projects that have received investment licenses since the beginning of this year, including the USD 400 million Goertek project in Nghe An, and the 136 million USD Coca-Cola project in Long An province.
According to the Foreign Investment Agency under the Ministry of Planning and Investment, many large-scale and high-quality projects from world-class firms are in the pipeline. The agency has mentioned global players such as Apple, Samsung, Nike, Adidas, and Foxconn, who are looking to expand their operations in Vietnam. Other players that have already announced their investment plans in Vietnam include Lego (USD 1 billion), Intel (USD 2.5 billion), and Hana Micron.
Meanwhile, 67% of European businesses are bullish on the business climate in Vietnam. At the same time, a survey by JETRO survey found that 55.3% of the respondents surveyed intend to expand business in Vietnam, while only 0.3% intend to withdraw. According to the survey, which was conducted from August to September 2021, 56.2% of firms anticipate higher profits in 2022, while only 9.6% anticipate lower profits. According to Hirai Shinji, Chief Representative of JETRO in Vietnam, Japanese firms planning to leave Vietnam hoped to return when conditions improved.
In reality, many other companies have returned to Vietnam since the government adopted a strategy of adapting to the COVID-19 pandemic in a safe and flexible manner.