Foreign companies increase their investments in Vietnam
Nestlé has announced an investment of $ 132 million over the next two years to build a new factory in the southern province of Dong Nai.
This is part of his long-term vision as he sees Vietnam as a regional and global manufacturing hub, Nestlé Vietnam CEO Binu Jacob said at a forum on Monday.
There have been temporary difficulties caused by the rising costs of the stay-at-work model and disruptions in the supply chain, but Vietnam remains one of Nestlé’s main manufacturing facilities around the world, he said. he declares.
The new investment would help create new products for Asia-Pacific markets, he said.
“The Dong Nai factory will become the world’s largest coffee-making factory.”
Samsung Vietnam CEO Choi Joo Ho said his company’s investment strategy in Vietnam has not changed.
It received support from government and local leaders during the fourth wave of Covid-19, the stay-at-work model helps maintain production, and South Korean experts are able to move quickly through immigration, a he declared.
It has expanded its investments by purchasing manufacturing equipment for its six factories by diversifying into 5G technology and laptops, he said.
“Samsung has mainly invested in manufacturing lines in Vietnam, but from now on, the company will elevate Vietnam’s position to a new high: a global hub of research and development. “
Its $ 220 million R&D center in Hanoi is now 50% complete and is expected to be inaugurated by the end of next year.
Swedish company Tetra Pak announced two weeks ago an additional € 5 million ($ 5.85 million) investment in its € 120 million packaging plant in the southern province of Binh Duong, which will increase its capacity by 43%.
The investment shows the company’s confidence in Vietnam’s post-pandemic recovery, said CEO Eliseo Barcas.
LG announced last month that it will invest an additional $ 1.4 billion in its manufacturing facility in Hai Phong this year, bringing the total investment to $ 4.65 billion.
FDI rose 4.4% year-on-year in the first nine months, showing that investors still have confidence in Vietnam’s business environment, said Deputy Planning and Investment Minister Nguyen Thi Bich Ngoc.
The Asian Development Bank’s country director for Vietnam, Andrew Jeffries, said only some orders and not companies have moved to other countries.
Vietnam remains an attractive destination for foreign companies and would continue to benefit from changing global supply chains, US-China tensions and manufacturing disruptions in some regions, he added.