TAIWAN’S INVESTMENT APPROVALS EXCEED US$30 BILLION

As of August, Taiwanese enterprises had registered to invest US$30.9 billion in Vietnam, making Taiwan the fourth largest foreign investor in Vietnam, after South Korea, Japan and Singapore, said Liang Kuang Chung, head of the Taipei Economic and Cultural Office in HCMC.

In terms of the number of projects, according to statistics from the Foreign Investment Agency under the Ministry of Planning, as of August, Taiwanese enterprises had injected capital into nearly 2,560 projects in Vietnam, after South Korea, with over 7,160 projects, and Japan, with nearly 3,900 projects.

Chung noted that nearly 60,000 Taiwanese people are doing business in Vietnam, creating 1.5 million jobs for local laborers and contributing significantly to the country’s socioeconomic development.

In mid-July, Felix H.L. Chiu, executive director of the Industry Marketing Department at the Taiwan External Trade Development Council, pointed out that Taiwanese firms continue to view Vietnam as the top destination when weighing investment plans in the Southeast Asian region, thanks to its robust economic growth and open-market policy, as evidenced by the signing of multiple bilateral and multilateral free trade agreements with other countries in recent years.

Additionally, Vietnam is an important member of the ASEAN Economic Community and is positioned in a crucial location, linking other countries in the region, as well as having a young workforce, which prompts foreign enterprises to inject more investments into the country.

Taiwanese firms, of which 98% are small- and medium-sized enterprises, tend to opt for small and medium-scaled projects in Vietnam, focusing on hi-tech, high added-value and environmentally friendly products, Chiu added.

Taiwan is also the sixth largest trade partner of Vietnam, with a trade value of US$9.2 billion. Meanwhile, Vietnam is Taiwan’s third-largest trade partner and second-largest export market in the ASEAN.

Currently, South Korea is the largest investor in Vietnam, with more than US$61 billion pledged so far, followed by Japan, with US$55.8 billion, and Singapore, with nearly US$45.9 billion, according to the Foreign Investment Agency.

Source: The Saigon Times