Top 10 FDI projects for 2008

Posted by Reading Time: 2 minutes

Feb. 13 – Vietnam received a record inflow of over US$64 billion in foreign direct investment last year. The top 10 foreign-invested projects in 2008 accounted for US$44.2 billion of the total, or roughly 70 percent.

The Foreign Investment Agency of the Ministry of Planning and Investment announced the 10 projects by value, a majority of them are in sectors such as oil refining, steel, real estate and tourism.

This is how they were reported:

1. Malaysia-based Lion Group and Vietnam Shipbuilding Industry Group, or Vinashin, was licensed in September to build Ca Na steel complex worth nearly US$9.8 billion in Ninh Thuan Province. The mill's capacity will be over 14 million tons a year.

2. Taiwan's Formosa got an investment certificate in June to spend US$7.8 billion on a steel complex and a port in Vung Ang Economic Zone in the central province of Ha Tinh. The licensed period of the project is 70 years.

3. PetroVietnam signed a US$6.2-billion contract with Kuwait Petroleum International, and Japanese firms Idemitsu and Mitsui in July to build Nghi Son oil refinery and petrochemical complex in Thanh Hoa Province. The facility will be able to process around 10 million tons of crude oil ayear and this capacity will be doubled in the second phase.

4. Brunei's Properties Development Co. received a license in July to develop Vietnam's biggest foreign-invested tourism project worth around US$4.34 billion in the central province of Phu Yen.

5. Canada-based Asian Coast Development Ltd. was permitted in May to build Ho Tram Strip resort project with total capital of US$4.2 billion in the southern province of Ba Ria-Vung Tau.

6. Construction of Long Son Petrochemical Complex in Ba Ria-Vung Tau Province in Ba Ria-Vung Tau Province started in September with total capital of US$3.77 billion. This is the joint venture between Petro Vietnam, Vietnam Chemical Corp., and Thailand's SCG subsidiaries Vina SCG Chemicals (VSCG Chem) and Thai Plastics & Chemicals Public Company.

7. Malaysia's Berjaya Leisure Co. in July received an investment certificate for development of Vietnam International University Township covering 925 hectares in Hoc Mon District in HCMC, with total pledged capital of US$3.5 billion.

8. Russia's Vimpel Communications in Jury signed a USS1.8-billion contract with Gtel Telecom Corporation under the Ministry of Public Security to form Gtel Mobile Joint Stock Co. Vimpel owns 40% of the joint venture and Gtel the remaining 60%.

9. British Virgin Islands-registered Starbay Holdings is the owner of a resort project worth US$1.6 billion on Phu Quoc Island off the Mekong Delta province of Kien Giang.

10. U.S.-based Good Choice Co. Ltd. was licensed to invest nearly US$1.3 billion to develop Good Choice hotel and entertainment complex in Ba Ria-Vung Tau Province with five-star hotels, amusement facilities, conference and exhibition centers, and healthcare services, among others.