Vietnam's Missed Investment Opportunities with Intel and LG Chem

Vietnam lost out on multi-billion-dollar investments from Intel and LG Chemical due to lack of investment incentives. Intel proposed a $3.3 billion chipmaking project but moved to Poland after Vietnam declined 15% cash support. Similarly, LG Chem chose Indonesia over Vietnam for a battery project due to better incentives.

Vietnam has missed significant opportunities to attract multi-billion-dollar investments from leading multinationals like Intel and LG Chemical. The Southeast Asian country fell short in offering competitive investment incentives, according to its Ministry of Planning and Investment.

Intel had initially proposed a substantial $3.3 billion investment in a chipmaking project in Vietnam, contingent on the country providing a 'cash support' of 15%. However, when the support was not offered, Intel redirected its investment to Poland. The ministry's document dated June 29 revealed the push to launch an investment incentive fund.

In a similar vein, LG Chem abandoned its plans for a battery project in Vietnam after the country declined to cover 30% of the investment cost. Instead, LG Chem chose to invest in Indonesia, as per the reviewed document.

(With inputs from agencies.)