Chinese conglomerates show significant interest in expanding investments in Vietnam

Chinese conglomerates show significant interest in expanding investments in Vietnam

Chinese conglomerates, including Texhong Group, Goertek Group, and Energy China Group, have expressed strong interest in expanding their investments across various sectors in Vietnam. This demonstrates Vietnam’s growing appeal as a lucrative business destination. During Vietnamese Prime Minister Pham Minh Chinh’s official visit to China, he engaged in high-profile meetings with top leaders from major Chinese economic conglomerates on June 28. These discussions, held in Beijing, focused on the thriving investment opportunities available in Vietnam.

Prime Minister Chinh received a delegation of industry leaders who have already made substantial investments in Vietnam and expressed their desire to expand their production capacities and business ventures in the country. The attendees included esteemed figures such as the chairman of Texhong Group, Hong Tian Zhu, the chairman of Runergy Group, Tao Long Zhong, the chairman of Energy China Group, Song Hailiang, the chairman of Goertek Group, Jiang Binh, the CEO of TCL, Wang Cheng, and others. Notably, Goertek recently invested an additional $306 million in its multimedia equipment project in the northern province of Bac Ninh. Texhong has also invested over $1.6 billion in Vietnam since 2006, establishing numerous textile and apparel projects and creating employment opportunities for thousands of workers. These influential leaders were highly impressed by Vietnam’s dynamic development and praised the nation’s efficient production and business practices. They expressed their aspirations to increase investments in sectors such as energy, industrial infrastructure, social housing, inland ports, vehicle manufacturing, research and development, and supply chain establishment.

The conglomerate leaders also urged the Vietnamese government, led by PM Chinh, to create an environment that further facilitates and supports investment and business activities. They emphasized the need for continued administrative reforms, reliable electricity supply, sufficient land allocation for industrial park development, and the prompt resolution of regulatory bottlenecks. PM Chinh acknowledged and commended the achievements of these enterprises, reaffirming Vietnam’s commitment to economic growth. He disclosed that Vietnam has ratified the Power Development Plan VIII, which focuses on renewable energy, particularly wind and solar power generation, as well as self-generation and consumption. Additionally, PM Chinh encouraged investments in industries such as renewable energy, power transmission, the garment and textile industry, and internationally recognized fashion exhibition platforms. This meeting signifies a significant turning point as Chinese companies increasingly show interest in expanding their investment portfolios in Vietnam. With Vietnam’s favorable business climate, robust economic growth, and commitment to reform, this surge in investment presents a substantial opportunity for Vietnamese and Chinese enterprises to establish mutually beneficial partnerships and drive economic development in both countries.

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