Drawing of Bac Lieu LNG Power Project (Source: cafef.vn)
The southern province of Bac Lieu topped the country in attracting foreign investment in the first four months of 2020 with a single project worth 4 billion USD producing electricity from LNG, the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) has reported.
The 3,200MW plant, invested by Singapore’s Delta Offshore Energy Pte.Ltd, will have four turbines of 750MW each and one with a capacity of 200MW, the former to go on stream at the end of 2023 and the latter in 2027.It is expected to create thousands of jobs and contribute more than 3 trillion VND (129.6 million USD) a year to the State budget.
Bac Lieu was followed by the southern province of Ba Ria-Vung Tau, with 1.9 billion USD and Ho Chi Minh City, with 1.31 billion USD.
In the period, Vietnam attracted a total of 12.33 billion USD in FDI, a year-on-year decrease of 15.5 percent due to the impact of the COVID-19 pandemic.
The figure, however, was much higher than that of the same period of 2018 and 2017 with 5.8 billion USD and 9.2 billion USD, respectively, the FIA said.
Singapore was the country’s largest source of FDI with 5.07 billion USD in committed investment, accounting for 41 percent. Thailand and Japan were the runners-up with 1.46 billion USD and 1.16 billion USD, respectively, followed by mainland China, Taiwan and the Republic of Korea.
Foreign investors pledged to pour capital in 18 sectors, with manufacturing and processing receiving nearly 6 billion USD, accounting for 48.4 percent of the total capital. It was followed by power production and distribution (3.9 billion USD); wholesale and retail (776 million USD); and real estate (665 million USD), the FIA said.
According to the agency, FDI disbursement reached 5.15 billion USD in the four months or equivalent to 90.4 percent of the last year’s corresponding period.