Taiwan’s government on Monday approved a $101 million increase in the investment in Vietnam by Pegatron Corp, a major manufacturing partner of Apple , Microsoft and Sony.
Large FDI projects continue to enter Vietnam, despite the impact of Covid-19 pandemic
The Taiwan Economy Ministry’s investment commission, which must approve overseas investments by Taiwanese companies, said the investment in Pegatron’s Vietnam subsidiary would be for the production and sales of computers and peripheral equipment, communication equipment and electronic components.
It gave no further details and Pegatron did not immediately respond to a request for comment.
Vietnamese state media reported on September that Pegatron was looking to invest $1 billion in three phases in production facilities in areas such as computing, communication and consumer electronics in the country.
Pegatron is best known as a key supplier to Apple, along with Taiwan’s Foxconn and Wistron Corp.
Reporting by Ben Blanchard, editing by Louise Heavens from Reuters.
Vietnam continues to be an attractive destination for foreign investors despite the COVID-19 pandemic
Vietnam continues to be an attractive destination for foreign investors despite the COVID-19 pandemic, with a series of large FDI projects about to enter the country.
Foxconn Technology Group, a Chinese Taiwan manufacturer, recently paid a field trip to Thanh Hoa province to find a location to build an industrial park of about 150ha for its manufacturing factories, with a total investment of US$1.3 billion.
AVG Capital Partners based in Russia also signed a memorandum of understanding with the People’s Committee of Thanh Hoa province to build a pork processing complex with investment of up to US$1.4 billion.
Binh Duong province has also granted investment certificates to five FDI projects with total investment of nearly US$1 billion.
According to the Hanoi Statistics Office, Hanoi received over US$519 million worth of FDI capital in the first five months of this year, including the newly registered capital of 139 newly licensed projects and the supplemented capital of 63 existing projects.
In the first five months of this year, Long An province also received large amounts of investment from foreign investors including the LNG Long An I and II power plant projects with total investment of over US$3.1 billion and the O Mon II thermal power plant with registered capital of over US$1.31 billion.
In the five-month period, Vietnam also attracted nearly US$14 billion worth of FDI capital, up 0.8% over the same period last year while FDI disbursement reached US$7.15 billion, up 6.7% over the same period last year.
As many as 70 countries and territories have invested in Vietnam in the first five months of this year which is good news, particularly amid the difficulties caused by the COVID-19 pandemic, according to the People Newspaper.