Hanoi (VNA) – Foreign direct investment (FDI) inflows intoVietnam have gradually recovered with many large-scale investment projectsfollowing the COVID-19 pandemic as well as political and economic uncertaintiesin the world.

Several days ago, the south-central province ofBinh Thuan granted an investment licence to a series of gas and electricityprojects using liquefied natural gas (LNG), enabling the implementation of fourlarge-scale projects invested by Vietnamese and foreign businesses.

Accordingly, Son My electricity centre project,including Son My 1 and Son My 2 power plants, will have a total investment of 4billion USD, while Son My LNG Terminal project will be implemented at a cost ofnearly 1.34 billion USD.

Meanwhile, Secretary of the Party Committee of BacNinh Nguyen Anh Tuan has had a working session with Chen Tao, Chairman ofChina’s Victory Giant Technology Group - a producer of electronic componentsand semiconductors - on the firm’s plan to construct a factory in the northernprovince.

According to Chen, his company has chosen Vietnam-SingaporeIndustrial Park (VSIP) Bac Ninh as the location for its 400-million-USDfactory, which is designed to produce about 1 billion USD worth of productseach year.

After a project valuing more than 1.6 billion USDof Amkor Group that is scheduled to be put into operation later this year, BacNinh is welcoming another large-scale project in the field of semiconductors.

Other localities across the country are alsoworking hard to call for FDI. The central province of Nghe An has recentlygranted an investment licence to Innovation Precision Vietnam Ltd. of China toimplement a 165-million-USD project on aluminum alloys for consumer electronicsmanufacturing and green energy, which will become operational in November 2024.

Presenting a report in the Government's recentmeeting, Minister of Planning and Investment Nguyen Chi Dung said that FDIinflows into Vietnam have gradually recovered.

He noted that in July, Vietnam received over 2.8billion USD of FDI, a rise of nearly 9% year on year, raising the total amountin the first seven months of this year to 16.24 billion USD, up 4.5%. Of thetotal, 11.58 billion USD had been disbursed, a rise of 0.8% over the sameperiod last year.

Director of the Foreign Investment Agency underthe Ministry of Planning and Investment Do Nhat Hoang said that the situationwill be even better in the time to come.

A report released by HSBC in mid-July showed thatFDI has still been poured into Asia, including Vietnam. The majority ofinvestment projects are in the fields of manufacturing, it said.

However, EuroCham's Business Climate Index (BCI)for Vietnam in the second quarter of this year pointed to challenges thatEuropean investors in Vietnam are facing, including those from infrastructuresystem and administrative procedures. It said that investors are also worriedabout the implementation of the global minimum tax rate.

It also underlined that the transition ofproduction activities from China to Vietnam is slowing down, requiring thecountry to make timely response.

Minister Dung said that Vietnam will continue tocomplete mechanisms and policies to give non-tax support and incentives toforeign investors in the context of the global minimum tax rate application,thus creating competitive advantages to attract more large-scale projects using high technologies./.