New wave of Chinese investment

06:00 | 12/05/2024 FDI Follow Ven.vn on

(VEN) - The supply chain of manufacturing industries in Vietnam has become quite developed, with a consumer market of 100 million people and an abundant labor force. This explains why Vietnam’s investment and business environment attracts Chinese businesses.

Chinese investment wave

In an interview with Vietnam Economic News, Liu Yang Wang, General Director of Solex High-Tech Industries Vietnam Co., Ltd., shared that his company conducted surveys in several Southeast Asian countries and decided to base its manufacturing plant in Vietnam’s Quang Ninh Province.

Liu Yang Wang attributed this decision to the maturity of Vietnam’s supply chain in manufacturing sectors, its stable, young and skilled labor force, and the proximity between China and Vietnam.

The March 28-30 visit to several provinces and cities of China by the Vietnamese Ministry of Planning and Investment (MPI) delegation, led by Minister Nguyen Chi Dung (second right) - photo: MPI

Regarding the investment trend in Vietnam in the coming period, Liu Yang Wang said that he represents a company from Fujian Province, China, and that many reputable companies from this province have established manufacturing facilities in Vietnam. He emphasized that many other businesses from Fujian Province also want to shift their investments to Vietnam in the near future.

Zhu Heng, representative of DH Vietnam Consulting Company Limited - a Chinese company providing consultancy for Chinese businesses to invest in Vietnam, also highly appreciated the investment and business environment in Vietnam. He said that the company has been operating in Vietnam since 2017 and advised over 100 Chinese enterprises to lease land in industrial zones to establish manufacturing factories in Vietnam.

Zhu Heng predicted that Chinese investment in Vietnam would continue to thrive in the near future, especially in the supporting industry for the electronics, machinery, hotel and restaurant, and healthcare sectors.

Zhang Shao Qiang, Director of Tomko Display Equipment Trading Company Limited (China) and Vice President of the Guangdong Enterprise Association, stated that the company is investing in a component assembly plant in Vietnam while exploring opportunities to invest in some sectors such as logistics and healthcare.

Vietnam’s proximity to China, its high-quality workforce and improving investment and business environment are favorable conditions for Chinese investment in Vietnam, Zhang Shao Qiang said.

Zhu Heng, representative of DH Vietnam Consulting Company Limited

Incentives for Chinese investment

According to Minister of Planning and Investment Nguyen Chi Dung, China’s foreign investment in Vietnam has yielded impressive results in recent times with many large-scale projects in terms of capital and technology.

As of March 2024, 4,418 Chinese investment projects have been ongoing in Vietnam with the total registered capital of more than US$27.6 billion, ranking China the sixth among 145 countries and territories investing in Vietnam.

In 2023, China was the fourth largest foreign investor in Vietnam, behind Singapore, the Republic of Korea, and Hong Kong (China), with the total registered capital of US$4.5 billion, up nearly 80 percent compared to 2022.

Minister of Planning and Investment Nguyen Chi Dung led a delegation from the Ministry of Planning and Investment to several provinces and cities of China from March 28-30. During the visit, Minister Dung had a meeting with Chinese Minister of Commerce Wang Wentao on March 28. Minister Wang Wentao stated that some Chinese manufacturing sectors, and even production chains, have shifted to Vietnam, such as textiles, household appliances, and furniture. Chinese investment in Vietnam has increased rapidly, especially in the electronics industry. Many Chinese supporting industry enterprises have supplied products to electronics giants, such as Samsung and Apple. China has also invested in new sectors in Vietnam, such as solar energy.

Minister Wang Wentao expressed his desire to cooperate with Vietnam in developing production and supply chains, both in traditional and emerging sectors. The cooperation is expected to be boosted in not only investment but also technology transfer, personnel training, and other fields.

Minister Nguyen Chi Dung stated that Vietnam encourages Chinese businesses to expand investment in sectors such as innovation, renewable energy, smart cities, electronics, technology, and supporting industries. The Ministry of Planning and Investment is committed to accompanying, supporting, and creating favorable conditions for Chinese enterprises to successfully carry out investment projects in Vietnam for mutual benefits.

Nguyen Hoa

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New wave of Chinese investment

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