Minister of planning and investment Nguyen Chi Dung sees a positive shift in Chinese investment toward hi-tech and green energy sectors like manufacturing, renewable energy, electric vehicles, technology, and infrastructure—a departure from traditional investments in labour-intensive industries like furniture, steel and apparel.

Chinese giants like Goertek, BYD, Radian, Brotex, Wingtech, Deli and Trina Solar have a presence in Vietnam, a news agency reported.

Goldwind, a global leader in wind turbine manufacturing, has shown interest in setting up a state-of-the-art wind turbine component manufacturing and assembly plant in the northern port city of Hai Phong.

The recent Hai Phong investment promotion conference in China’s Shenzhen city saw the awarding of seven new and expanded investment certificates to Chinese investors, totaling nearly $200 million.

These investments cover solar panel production, electronic components and automotive parts manufacturing.

The Hai Phong Economic Zone Authority also signed four memoranda of understanding with major Chinese investors.

Association of Foreign Invested Enterprises chairman Nguyen Mai attributed the country’s appeal to its favourable geographic location, lower labour costs, affordable land rentals, tax incentives and the availability of locally-produced raw materials.

Fibre2Fashion News Desk (DS)