Australian investment tops $1.65b
Australian investment tops $1.65b
Australia had 320 valid foreign direct investment (FDI) projects worth over US$1.65 billion in Viet Nam by the end of 2014, ranking 19th among 101 countries and territories investing in the country, according to the Ministry of Planning and Investment's Foreign Investment Agency (FIA).
In 2014 alone, Australia funnelled $142.84 million into Viet Nam through 24 new projects and 6 existing projects.
FIA director Do Nhat Hoang said Australia was an important investment partner for Viet Nam, adding that the two governments should work to create more favourable policies to enable their business communities to forge strong links, promoting trade and investment co-operation.
Economic experts predict that more foreign capital will flow into Viet Nam in the coming years, including additional projects from Australia.
As of December 15, Australian investors invested in 18 of 21 national economic sectors in Viet Nam, focusing on the processing and manufacturing industry with 119 projects totalling $1.03 billion, 62.7 per cent of the country's total investment in Viet Nam.
Australian investors are currently operating in 39 of Viet Nam's 63 provinces, especially the southern province of Ba Ria-Vung Tau. The province has 11 Australian projects valued at $252.17 million, 15.3 percent of Australia's registered capital in Viet Nam.
Amr Nickel Limited is the largest Australian investor in the country with a $136 million project in the northern mountainous province of Son La focused on exploring, exploiting, processing and exporting ore. FBG Vietnam Holding Pty Ltd. follows closely with a $126.4 million beer and beverage production project in the Mekong Delta province of Tien Giang.
