Intel, LG Chem skip Vietnam investment plans on lack of incentives, ministry document shows

LG Chem

05/07/2024 15:09

HANOI, July 5 (Reuters) - Vietnam has wasted
opportunities to attract multi-billion-dollar investments from
multinationals such as Intel and LG Chemical as the Southeast
Asian country lacks investment incentives, its Ministry of
Planning and Investment said in a document reviewed by Reuters.
    Intel  INTC.O  had proposed to invest $3.3 billion in a
chipmaking project in Vietnam and asked the country for a "cash
support" of 15%, but later decided to move the project to
Poland, the ministry said in the document dated June 29, as it
is pushing for the launch of an investment incentive fund. 
    LG Chem  051910.KS  also skipped Vietnam to invest in a
battery project in Indonesia, after having asked Vietnam to
cover 30% of the investment cost, according to the document. 

 (Reporting by Khanh Vu)
 ((khanh.vu@thomsonreuters.com; +84 24 38259623;))