China accelerates investment in Vietnam
Surpassing Japan, China now ranks third among the countries and territories with significant investments in Vietnam since the beginning of the year.
Data from the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) reveals that between January and July, Chinese investors registered over US$2.33 billion in Vietnam, hence the third position. Moreover, with the number of new projects put into consideration, China holds the top rank with 325.
Despite the challenges posed by COVID-19, China continues to register considerable investments in Vietnam, consistently securing the third or fourth place in the foreign investors' lineup. The country’s registered capital in Vietnam was US$2.46 billion in 2020, US$2.92 billion in 2021, and US$2.5 billion in 2022.
Recent reports indicate that Chinese investors' interest in the Vietnamese market is indeed substantial. Two leading Chinese manufacturers of batteries and energy storage systems have planned to invest over US$1 billion in building new factories and expanding their operations in Vietnam.
Xiamen Hithium Energy Storage Technology plans to invest around US$900 million in a factory in the northern province of Hai Duong, while Growatt New Energy is expanding its factory in the northern port city of Hai Phong with an estimated US$300 million.
A few days ago, authorities of the central province of Nghe An granted an investment registration certificate to Greenwich Management Limited (part of the Chinese group Shandong Innovation Metal Technology) to build its Innovation Precision factory in the Vietnam-Singapore Industrial Park (VSIP) Nghe An.
Capitalised at US$165 million, the plant is specialised in producing aluminum alloys for consumer electronics, green energy, and more, with operation set to begin in October 2024. According to Cui Guo Chang, special assistant to the chairperson of the group, this is Shandong's first investment project outside of China.
