Bac Lieu LNG-to-power project triples January FDI inflow

The Bac Lieu LNG-to-power project marks the first billion-dollar foreign direct investment project in 2020 after a year going without projects of this magnitude, effectively tripling the first-month foreign investment inflows against last year.

The Bac Lieu LNG-to-power project was the determining force in the January FDI landscape

On January 21, Bac Lieu People’s Committee granted an investment decision to Singapore’s Delta Offshore Energy Pte., Ltd. (DOE) to build a 3,200MW liquefied natural gas-fired power plant.

Bac Lieu LNG-to-power project triples January FDI inflow

The project, worth approximately $4 billion, is the biggest FDI project in the Mekong Delta region.

According to DOE, the project will comprise of a power plant built on 40 hectares in Vinh Hau A commune (Hoa Binh district), a floating station to receive and store 150,000-174,000 cubic metres of liquefied natural gas (LNG), a gas recycling station, and a 35km high-pressure gas pipeline.

By the end of 2020, the investor said it will complete the preparations for investment and in the next three years, it will deploy the construction of the LNG receiving and storage area and the gas recycling station, as well as bring the gas pipeline ashore and operate the first phase of the gas turbine with a designed capacity of 750MW.

 

Afterwards, it will continue installing and putting into operation the remaining turbines to reach the full capacity of 3,200MW before December 2027. The investor and EVN will discuss with each other about the price of electricity at a later date.

According to statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment, in the first month of 2020, Vietnam attracted $5.33 billion in foreign investment capital, up 2.8 times on-year. $4.46 billion of this was newly-registered capital, up 5.5 per cent, meanwhile, the added capital to existing projects was $334 million, equaling 98.1 per cent on-year. Besides, investment inflows via mergers and acquisitions reached $534.8 million, equaling 70.2 per cent of last year's figure.

Foreign investors disbursed $1.6 billion in the first month of this year, an increase of 3.2 per cent.

The Bac Lieu LNG-to-power project was the watershed that allowed the power distribution and generation sector to overcome manufacturing and processing to become the sector luring the largest foreign investment capital in January 2020 with the total $4.04 billion, making up 75.8 per cent of foreign investment capital inflows.

Singapore was the largest foreign investor in January with the registered capital of $4.16 billion, making up 78.1 per cent of the total investment capital. The runners up are South Korea with $264.5 million (5 per cent) and Hong Kong with $212 million.

VIR

 
 

Other News

.
Qantas warns coronavirus impact could hit $99m
Qantas warns coronavirus impact could hit $99m
BUSINESSicon  20/02/2020 

The warning comes as concerns grow over the impact of the outbreak on airlines and the global economy.

Vietnam braces for economic effects of COVID-19
Vietnam braces for economic effects of COVID-19
BUSINESSicon  20/02/2020 

Vietnam will optimise external resources to spur national economy as the impact of the outbreak of coronavirus on foreign investment flows into the country is visible, according to the Ministry of Planning and Investment (MPI).

The sun still shines in Vietnam: World Bank
The sun still shines in Vietnam: World Bank
FEATUREicon  19/02/2020 

Saying that ‘the sun is still shining above the Vietnamese sky’, the World Bank has also noted that the country should not ignore risks that could occur during bad times.

Some service businesses are thriving amid Covid-19 crisis
Some service businesses are thriving amid Covid-19 crisis
BUSINESSicon  20/02/2020 

While many industries have suffered from Covid-19 epidemic, taxi drivers and shippers are earning more money.

Farm produce stuck at border, but farmers don't want to sell
Farm produce stuck at border, but farmers don't want to sell
BUSINESSicon  20/02/2020 

Thousands of trucks are still heading for the Vietnam-China border gates, though the exports are getting stuck because of the Covid-19 epidemic.

Mekong Delta considers VND67-trillion expy projects
Mekong Delta considers VND67-trillion expy projects
BUSINESSicon  20/02/2020 

The Mekong Delta is expected to introduce two more major expressways, whose total investment exceeds VND67.4 trillion, in the years to come to bolster the region’s socioeconomic growth, according to the Ministry of Transport.

Govt’s new decree removes barriers to automobile imports
Govt’s new decree removes barriers to automobile imports
BUSINESSicon  19/02/2020 

Automobile importers in Vietnam will no longer have to obtain a Vehicle Type Approval (VTA) certificate from authorities in exporting countries, making it easier for them to import cars into the country.

VN investment inflow below expectations after CPTPP
VN investment inflow below expectations after CPTPP
BUSINESSicon  19/02/2020 

A year since the CPTPP came into force, trade between Viet Nam and other members of the trade deal had posted significant gains, but the potential to expand remained large, according to the Ministry of Industry and Trade.

VN central bank makes net cash withdrawal amidst high inflation pressure
VN central bank makes net cash withdrawal amidst high inflation pressure
BUSINESSicon  19/02/2020 

The State Bank of Vietnam made a net cash withdrawal worth VND86 trillion out of the economy through open market operations (OMO) from January 20 to February 14.

Real estate businesses ask VN Government to remove difficulties
Real estate businesses ask VN Government to remove difficulties
BUSINESSicon  19/02/2020 

The Vietnam Real Estate Association (VNREA) will next month propose solutions to Prime Minister Nguyen Xuan Phuc to remove difficulties in administrative procedures, capital and cut loan interest for real estate businesses.

Farm produce prices slump as Covid-19 hits exports
Farm produce prices slump as Covid-19 hits exports
BUSINESSicon  19/02/2020 

The suspension of trade in seafood and agriculture products at some northern border gates with China as a measure against the novel coronavirus (Covid-19) has caused a demand-supply imbalance in the market.

PM tells sugar firms it's time to sink or swim
PM tells sugar firms it's time to sink or swim
BUSINESSicon  19/02/2020 

The sugar industry will have greater development opportunities if it can re-organise itself more effectively, Prime Minister Nguyen Xuan Phuc said at a meeting on Tuesday.

FDI in Vietnam expected to surge after the epidemic
FDI in Vietnam expected to surge after the epidemic
BUSINESSicon  19/02/2020 

 As a major foreign investment hub, China is hit hard by the new strain of coronavirus, now known as Covid-19, but this also provides an opportunity for other countries to accelerate efforts to attract new foreign investment.

Van Don approved to develop into entertainment hub with casino
Van Don approved to develop into entertainment hub with casino
BUSINESSicon  19/02/2020 

Prime Minister Nguyen Xuan Phuc has approved Van Don District in the northern province of Quang Ninh as a multisectoral sea economic zone and entertainment hub that will include a casino.

Covid-19 takes toll on small, large firms
Covid-19 takes toll on small, large firms
BUSINESSicon  19/02/2020 

The novel coronavirus, now officially named Covid-19, has dealt a blow to both small and large firms.

Coronavirus hits supply chains of U.S. firms in Vietnam: AmCham Survey
Coronavirus hits supply chains of U.S. firms in Vietnam: AmCham Survey
BUSINESSicon  19/02/2020 

A number of U.S.-invested firms in Vietnam suffering supply chain complications have deep concerns about the economic impact of the novel coronavirus, or Covid-19, a survey of American Chamber of Commerce (AmCham) members indicated.

Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry
Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry
BUSINESSicon  19/02/2020 

The State budget may face a shortfall of some VND42.3 trillion (US$1.8 billion) this year due to the ongoing spread of the novel coronavirus, or Covid-19, according to the Ministry of Planning and Investment.

Le Hoang Diep Thao no longer Trung Nguyen shareholder
Le Hoang Diep Thao no longer Trung Nguyen shareholder
BUSINESSicon  19/02/2020 

Dang Le Nguyen Vu, founding chairman and general director of Vietnamese coffee giant Trung Nguyen Group, has bought all the group shares held by his ex-wife, Le Hoang Diep Thao, so she is no longer a shareholder of the group.

Eight business fields to suffer most from Covid-19
Eight business fields to suffer most from Covid-19
BUSINESSicon  19/02/2020 

Three major scenarios for economic development in 2020 have been drawn up by Can Van Luc and researchers from BIDV.

For every VND100 that businesses have, they borrow VND65: FiinGroup
For every VND100 that businesses have, they borrow VND65: FiinGroup
BUSINESSicon  20/02/2020 

FiinGroup’s president Nguyen Quang Thuan said the ratio is calculated based on more than 1,000 listed enterprises.

 
 
 
Leave your comment on an article

OR QUICK LOGIN