Online publication Vietnamnet reports big companies are regaining confidence in Vietnam. French retailer Auchan, which abandoned Vietnam in the downturn five years ago, is back with plans to invest $500 million over the next decade.
Panasonic, already building a detergent factory in Vietnam, also plans a $40 million factory northwest of Saigon in Binh Duong Province, aiming at production for the domestic market by next April and products for export later.
Samsung has begun a $3.2 billion high-tech complex starting with the world’s biggest mobile phone factory that will employ 2,000 in Thai Nguyen province, north of Hanoi. Over the past four years, Samsung has made phones in a $670 million factory East of Hanoi.
And the world’s biggest brewer, Anheuser-Busch, is planning to enter the Vietnamese market next year to compete with previously established Carlsberg, Heineken and Miller.
Earlier this year, American icon Starbucks started opening stores in Vietnam, joining established US brands KFC, GE, Nike, Intel and others.
The world’s multinationals appear to be discovering what visionary investors have been saying for two decades: Vietnam is fast becoming a good place to expect a profit.