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Intel, LG Chem skip Vietnam investment plans on lack of incentives, ministry document shows
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Intel, LG Chem skip Vietnam investment plans on lack of incentives, ministry document shows
Jul 5, 2024 7:48 AM

HANOI, July 5 (Reuters) - Vietnam has wasted

opportunities to attract multi-billion-dollar investments from

multinationals such as Intel ( INTC ) 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 ) 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 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.

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