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Wednesday, June 12, 2024

FDI businesses keen on hi-tech agriculture, renewable energy

By T. Huy

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HCMC – Foreign direct investment (FDI) businesses have shown interest in hi-tech agriculture, tourism, renewable energy, and smart city projects, heard a recent talk show on investor networking.

At the talk show held by the Investment Promotion Center – South Vietnam (IPCS), a unit of the Ministry of Planning and Investment, many FDI businesses showed attention to hi-tech industries in southern provinces, reported the Vietnam News Agency.

According to IPCS, southern provinces as of last year were home to 20,952 active FDI projects with total pledged capital of US$218.93 billion, equivalent to 50% of the total amount of FDI capital registered nationwide.

In the second and third quarters of this year, IPCS will coordinate with foreign trade offices and business associations to help international business missions sound out opportunities in 19 southern provinces.

According to the Indian business association in Vietnam, the southern provinces have become more attractive to Indian investors thanks to their favorable business conditions. They were especially focused on information technology, textile and garment, pharmaceutical products, agriculture and renewable products.

Meanwhile, FDI businesses from the EU are keen on e-commerce, renewable energy and start-up businesses.

According to the Foreign Investment Agency at the ministry, in the next two or three years, technology corporations still prioritize choosing Vietnam to invest in or expand their investment.

Vietnam is expected to attract Korean electronic, processing industry projects when these investors decide to move their manufacturing facilities to new locations.

Besides, Japanese investors are also interested in the country’s supporting industries.

To grasp opportunities, southern provinces need to create an attractive mechanism to lure investors, remove red tape, apply digital technology and have professional teams to support investors in key projects.

Cleared land with well-developed infrastructure and skilled labor qualified for hi-tech projects will also help, according to the Foreign Investment Agency.

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