Taiwanese companies are forecast to invest much more in Vietnam in the years to come - with lofty targets already being set - according to officials and businessmen from the East Asian island.
Taiwanese companies are forecast to invest much more in
Vietnam
in the years to come - with lofty targets already being set - according to officials and businessmen from the East Asian island.
Last week,
Vietnam
launched a timely campaign to promote the country’s business environment in
Taiwan
to seek investment.
In the next ten years, investment from
Taiwan
into
Vietnam
will grow by 10% each year, predicted the head of the Taiwanese Department of Foreign Investment at a seminar, part of the campaign.
“
Vietnam
is now the favorite investment destination of Taiwanese companies,” he said.
An economic expert from the Taiwanese Ministry of Economic Affairs forecast investment from the island to
Vietnam
will surge past the US$11 billion mark in the next five years.
“There is now a new wave of investment from
Taiwan
heading to
Vietnam
,” said Taiwanese entrepreneurs.
So far, Taiwanese investment into
Vietnam
has reached $7.3 billion.
Large projects
Now a large number of Taiwanese entrepreneurs are excited about the business environment in
Vietnam
, said a top official of Formosa Group,
Taiwan’
s largest privately-owned company.
“You [
Vietnam
] are promoting investment here at the right time,” he said.
Formosa
has spent nearly $500 million in two projects in
Vietnam
and is set to inject another $300 million into the country.
The company plans to build three power stations in
Vietnam
, and is set to open a representative office in
Hanoi
to speed up its projects here.
A leader of
Taiwan’
s stainless steel giant Chien Shing said
Vietnam
has become very attractive because the government now has consistent policies over foreign investment, while the local market is expanding.
Chien Shing is investing $700 million to build a stainless steel plant in
Vietnam’
s southern region.
“We planned to build the plant in
Taiwan
at first, but then began researching a location in
China
,” the Chien Shing leader said.
“However, we decided on
Vietnam
, as we found the environment is best here,” he concluded.
(Source: Thanhniennews)
