EU pours $19 billion into Vietnam

The capital city of Hanoi ranked first in the nation in attracting investment from European Union countries, with 357 projects worth 3 billion USD, according to the Foreign Investment Agency (FIA).

Technicians checked Nam Con Son gas pipeline - one of large projects in Vietnam with investment from the EU (Photo: VNA)

EU investors have funded projects in 52 provinces and cities, focusing on Ba Ria-Vung Tau, Quang Ninh and Dong Nai as well as Hanoi and Ho Chi Minh City. The agency reported that 23 out of the EU's 28 member states had invested nearly 19 billion USD in Vietnam with 1,535 valid projects as of October 20.

The Netherlands topped the list with 221 projects with registered capital of 6.58 billion USD, accounting for 34.7 percent of EU investment in the country.

France ranked second with 418 projects with investment capital of 3.3 billion USD, or 17.4 percent of EU investment. The UK and Germany followed with 2.82 billion USD and 1.33 billion USD respectively.

The EU countries are mainly interested in the Vietnamese processing and manufacturing industry. EU investors play a large role in this industry with 547 registered projects worth over 6 billion USD, 31.8 percent of total investment. They have also invested 3.52 billion USD in 19 projects in the electricity and gas sector, as well as additional capital in the information and communications, real estate and mining sectors due to their economic potential and technological advantages.

The EU's major projects in Vietnam

The 2 billion USD Mong Duong 2 BOT coal-fired power plant, with two units and capacity of 1,240MW, is currently under construction in Mong Duong precinct, Cam Pha city, Quang Ninh province. The project owner is AES-VCM Mong Duong Power Company Limited.

A business cooperation contract on CDMA 800Mhz mobile phone network services between Vietnam Posts and Telecommunications Group (VNPT) and Hutchison Telecommunication, R.L (Luxembourg) with a total investment of 1.04 billion USD.

A business cooperation contract on telecommunications between Vietnam Posts and Telecommunications Group (VNPT) and France Cables et Radio in Vietnam (France) to build new construction works, upgrade and provide telecommunications services with a total investment of 615 million USD.

A business cooperation contract on Nam Con Son gas pipelines signed by PetroVietnam, BP Pipelines in the field of design, construction and operation of gas pipelines with a total investment of 607 million USD.

A business cooperation contract on Cai Mep Port invested by Terminal Link of France with registered capital of 520 million USD.-VNA

Source: Vietnamplus

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