Power China, BYD, China Rare Earth Group, Haosen electronic battery company are among the Chinese enterprises planning to make new investments in Vietnam in the near future.
The information was revealed in the meeting of National Assembly Chairman Vuong Dinh Hue with leaders of major Chinese corporations and companies, which is a part of his six-day official visit to China.
At the meeting, General manager of the Power Construction Corporation of China (PowerChina) Wang Bin revealed that the group wanted to expand investment in Vietnam in the near future.
Since 2018, PowerChina has focused on developing clean energy in Vietnam. It has so far participated in the construction of many energy projects with a total contract value of over $9 billion, employing 1,000 workers.
Hue emphasized that the fields PowerChina desires to invest in Vietnam are also the key ones the country wants to attract domestic and foreign investment.
To implement Vietnam's commitments at COP26, Vietnam approved the National Electricity Development Plan for 2021 – 2030 period, with a vision to 2050. Recently, the Prime Minister issued an implementation plan.
In early 2022, the National Assembly passed a law and amended nine laws, including the Electricity Law. It will continue to review and amend the law more comprehensively to attract investors in this field.
Hue was appreciative of the scale, potential, and technological level of Power China. He also welcomed the group's plan to expand its business and production in Vietnam in the coming time.
At the end of last year, during a meeting with the leaders of Vietnam Electricity (EVN), Fu Yong, Chairman of Power China Equipment Group - a subsidiary of this group, shared his desire to cooperate with EVN, especially in the fields of pumped-storage hydropower, expansion of existing hydropower plants, offshore wind power...
In the meeting, Vice president of BYD Co., Ltd Liu Huanming, shared the company’s plan in electric vehicle investment in Vietnam, proposed preferential policies on the production and consumption of new kind of vehicles.
BYD's factory in Phu Tho
Previously, representatives of BYD went to Vietnam and choose Viglacera's Phu Ha Industrial Park to conduct investment research activities. However, the official implementation depends on BYD's strategy as well as the electric vehicle market situation.
In 2021, BYD Group invested in manufacturing factory with an initial investment of nearly $270 million in Phu Tho province. The factory mainly assembles tablets and produces electronic components for ultra-light drone products.
After that, the company increased its investment twice, bringing the total investment in Phu Tho to nearly $600 million.
In the meeting with Vietnam’s National Assembly Chairman, General Director of China Rare Earth Group (CREG) Liu Leiyun also shared the group’s intend to further strengthen relations with Vietnam National Coal and Mineral Industries Group and other domestic partners to implement cooperation in important mineral sectors.
Hue highly appreciated the group's capacity and experience. He added that the key mineral industry, including rare earth, is a strategic industry and is the foundation for the development of other important industries.
Vietnam welcomes businesses to research and implement cooperation in this field to promote socio-economic development, in accordance with Vietnamese law, he affirmed.
In addition, Dong Dexi, Chairman of Board of directors and General manager of Haosen, also shared that the company plans to establish a new production facility in Vietnam.
Many Chinese business leaders said they are interested in policies to support foreign technology businesses and evaluated Vietnam as a country with many advantages in exporting to international markets.
Talking to them, Hue emphasized that Vietnam has issued many preferential mechanisms such as exemption and reduction of corporate income tax, land rent and other incentive policies to attract businesses in new industries.
He added Vietnam is preparing the necessary conditions to increase investment cooperation such as training human resources, especially high-quality workers in the fields of technology, electronics and others.
The National Assembly and the Government of Vietnam will continue to improve the business environment and policies to attract many large international corporations and companies to invest, he affirmed.
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