Vietnam misses out on Intel, LG Chem investments due to lack of incentives, ministry document shows
Published on: Friday 05 July 2024
Vietnam has missed out on multi-billion dollar investments by multinationals including Intel and LG Chem because it lacks sufficient investment incentives, the country's investment ministry said in a document reviewed by Reuters. U.S. chipmaker Intel had proposed to invest $3.3 billion in a project in Vietnam and asked the country for "cash support" of 15%, but later decided to move the project to Poland, the ministry said in the document dated June 29. South Korea's LG Chem Ltd also skipped Vietnam to invest in a battery project in Indonesia, after having asked Vietnam to cover 30% of the investment cost, the document said.
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Vietnam misses out on Intel, LG Chem investments due to lack of incentives, ministry document shows
