Chinese invest US220mn in Billion Vietnam polyester synthetic fiber plant

Vietnam in the first two months of this year (2017) has seen an increasing foreign direct investment (FDI) from China, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Specifically, in January-February period, Chinese investors have registered to implement 123 projects and 174 times of share purchase. Some typical projects by Chinese investors during the period include Billion Vietnam polyester synthetic fiber plant (with investment of 220 million US dollars) in central Tay Ninh province.

According to local economist Le Xuan Nghia, in the coming time, a trend of transferring Chinese capital into Southeast Asian countries including Vietnam will be seen. In other Southeast Asian nations such as the Philippines, Malaysia, and Thailand, Chinese investors also pour money in giant projects, said Nghia.

A total of 721.7 million US dollars of Chinese FDI was recorded in Vietnam in two-month period, up 152.78 percent year-on-year, accounting for 21 percent of the country’s total FDI, said FIA, adding that China has become the second largest FDI contributor to Vietnam, after Singapore.