Bac Lieu attracts lion’s share of FDI capital in first four months
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.
Drawing of Bac Lieu LNG Power Project (Source: cafef.vn)
Hanoi (VNA) – The southern province of Bac Lieu topped the country inattracting foreign investment in the first four months of 2020 with a singleproject worth 4 billion USD producing electricity from LNG, the Ministry ofPlanning 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 turbinesof 750MW each and one with a capacity of 200MW, the former to go on stream atthe end of 2023 and the latter in 2027.It is expected to create thousands ofjobs and contribute more than 3 trillion VND (129.6 million USD) a year to theState budget.
Bac Lieu was followedby the southern province of Ba Ria-Vung Tau, with 1.9 billion USD and Ho ChiMinh City, with 1.31 billion USD.
In the period, Vietnamattracted a total of 12.33 billion USD in FDI, a year-on-year decrease of 15.5percent 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 billionUSD and 9.2 billion USD, respectively, the FIA said.
Singapore was thecountry’s largest source of FDI with 5.07 billion USD in committed investment, accountingfor 41 percent. Thailand and Japan were the runners-up with 1.46 billion USDand 1.16 billion USD, respectively, followed by mainland China, Taiwan and theRepublic of Korea.
Foreign investorspledged to pour capital in 18 sectors, with manufacturing and processing receivingnearly 6 billion USD, accounting for 48.4 percent of the total capital. It wasfollowed by power production and distribution (3.9 billion USD); wholesale andretail (776 million USD); and real estate (665 million USD), the FIA said.
According to theagency, FDI disbursement reached 5.15 billion USD in the four months orequivalent to 90.4 percent of the last year’s corresponding period./.
The People’s Committee of Bac Lieu province hopes the licence it granted to a Singapore company for a liquefied natural gas-fired (LNG) power plant in the province is going to be a significant factor in attracting further foreign direct investment (FDI).
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Drawing of Bac Lieu LNG Power Project (Source: cafef.vn) 
