Vietnam is experiencing an influx of numerous multimillion-dollar ventures, signaling a positive outlook for foreign investment mobilization and contributing to economic growth in 2024.
During discussions with leaders of the northern province of Nam Dinh last week, Crystal Group proposed a $200 million investment in a facility for fiber, fabric, and garments. This marks the sixth project in Vietnam for Crystal Group, a crucial supplier for renowned fashion brands like UNIQLO and Victoria’s Secret & Co.
Chan Chi Yuen, the director of Financial Control in Asia and responsible for development in Vietnam at Crystal Group, expressed, “This is also Crystal’s first project in Vietnam funded on a chain scale and promises to be our most significant achievement.”
South Korean manufacturer Hyosung Corporation plans to invest an additional $2 billion in Vietnam in 2024. Cho Huyn-sang, group vice president, revealed this information during a discussion on investment opportunities in Vietnam. Hyosung, already having invested $3.5 billion in Vietnam, with a presence in major cities and over 9,000 employees, aims to increase its capital to $5.5 billion this year.
Hyun-sang, vice president of Hyosung Group, emphasized Vietnam’s strengths, including strong and effective leadership, active support from local governments, and the hardworking spirit of the Vietnamese people.
In the early days of the new year, several million-dollar projects received investment certificates or in-principle approvals. Six projects, totaling $390 million in capital, were granted investment certificates in Nghe An province on January 13.
Hai Duong province in the north approved 27 projects with a total capital of over $1.5 billion, including both domestic and foreign ventures. Notable foreign projects include Deli Vietnam Office Technology with $270 million, Biel Crystal Technology Manufactory with $260 million, and Boviet Hai Duong’s solar photovoltaic panel manufacturing initiative, worth $120 million.
In the southern province of Dong Nai, among the nine projects awarded investment certificates this month, four are foreign-invested with newly registered capital totaling $156.4 million. Additionally, four expansion projects, including those of Nestlé, Hyosung, and Kenda, account for an additional $217 million in capital.
Nestlé, contributing $100 million to increase its total investment to over $500 million, reflects the company’s long-term commitment to Vietnam, as stated by Binu Jacob, general director of Nestlé Vietnam.
