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24 investment cooperation agreements signed at Hanoi conference

Released at: 13:54, 05/10/2018

24 investment cooperation agreements signed at Hanoi conference

Photo: VGP

Pen put to paper in presence of PM at "30 Years of FDI Mobilization in Retrospect in Vietnam" conference on October 4.

by Ngoc Lan

Localities, enterprises, and investors signed a host of investment cooperation documents witnessed by Prime Minister Nguyen Xuan Phuc at the “30 Years of FDI Mobilization in Retrospect in Vietnam” conference held on October 4 in Hanoi by the Ministry of Planning and Investment.

Most notable was an investment cooperation agreement between Vietnam’s VNG and Singaporean investment fund Temasek Holdings. Prime Minister Phuc said it was the only cooperation document signed at the meeting on high-tech, a sector prioritized by the government to embrace Industry 4.0.

According to the memorandum of understanding (MoU), VNG and Temasek Holdings will jointly seek strategic investment opportunities and expand business cooperation in areas of potential, including technology services such as online games, connecting platforms, online payments, and cloud services.

Other agreements included an MoU on investment cooperation between the Hanoi People’s Committee and the Jiayuan International Group on investment in and construction of a software park in the capital with total investment of $1.5 billion. An investment certificate was presented to Lotte Rental Co. for a project with $72 million in capital, as was a certificate for the GA Power Company to build the Huong Son Solarpark and Cam Xuyen solar power plant, with total investment of $46.6 million. LG Display also received a certificate to increase its registered capital by $500 million.

According to the Foreign Investment Agency (FIA), Vietnam had 26,646 FDI projects as at the end of September with total registered capital of $334 billion in 19 of its 21 industries.

The manufacturing sector accounts for the largest proportion (57.1 per cent) of all FDI capital. There are currently 129 countries and territories investing in Vietnam, with South Korea and Japan leading the way with nearly $117 billion in total.

FDI has generated nearly 4 million direct jobs and nearly 5 million indirect jobs and contributed about one-quarter of total social investment, while accounting for one-fifth of GDP and 70 per cent of export and import turnover.

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