Covid hits Vietnam FDI
By Dat Nguyen December 28, 2020 | 10:27 am GMT+7
Workers assemble cars in a factory of Ford in the northern province of Hai Duong. Photo courtesy of Ford Vietnam.
Foreign direct investment pledges fell by 25 percent this year to $28.5 billion as the Covid-19 pandemic prevented air travel and dampened investor sentiment.
Some $14.6 billion went into new projects, $6.4 billion into existing ones and $7.5 billion into mergers and acquisitions, according to the General Statistics Office.
Of the new investment, over 49 percent went into manufacturing and nearly 35 percent into power generation and distribution.
Of the 79 countries and territories that invested in Vietnam this year, Singapore led with $6.2 billion followed by mainland China (10.8 percent), Taiwan (10.3 percent), Hong Kong (8.7 percent), and South Korea (8.2 percent).
Tuesday, December 15, 2020, 15:14 GMT+7
This undated supplied photo is pictured inside a factory of Bien Hoa Packaging in Vietnam.
TCG Solutions Pte, a subsidiary of Thailand s conglomerate Siam Cement Group (SCG), has announced its plan to purchase over 12 million shares, or a 94.11 percent stake, of Bien Hoa Packaging (Sovi).
The transaction is set to take place from December 16 to 31.
Given the current market price of VND81,500 (US$3.5) per Sovi share, TCG is expected to spend more than VND978 billion (US$42.23 million) on the deal.
Earlier, Sovi paved the way for the acqusition by raising its foreign ownership limit to 100 percent in July.