HANOI, July 5 (Reuters) - Vietnam has missed out on

multi-billion dollar investments by multinationals including

Intel ( INTC ) 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 ( INTC ) 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.

The two companies did not immediately respond to requests

for comment on the assessment by the Ministry of Planning and

Investment, which was due to present plans for an investment

incentive fund to the central government on Friday for approval.

"Recently, many large groups have come to explore investment

opportunities in Vietnam but have later decided to move to other

countries as Vietnam lacks regulations on investment supports,"

the ministry document said.

Vietnam, which is an important manufacturing base for

companies such as Samsung Electronics ( SSNLF ), Foxconn and Intel ( INTC ), is

heavily reliant on foreign investment for growth. Companies with

foreign investment account for about 70% of its total exports.

The ministry document confirmed a November report by Reuters

that Intel ( INTC ) had shelved a planned investment in Vietnam that

could have nearly doubled the U.S. chipmaker's operation in the

Southeast Asian country.

The document added that Austria-based semiconductor

manufacturer AT&S had decided to invest in Malaysia after its

request for investment supports in Vietnam were not met, and

said Samsung Electronics ( SSNLF ) was moving some production to India.

AT&S and Samsung Electronics ( SSNLF ) could not immediately be

reached for comment.

Multinationals have been watching Vietnam's plans to set up

the investment incentive fund after the country's parliament

last year approved the OECD-led global minimum corporate tax

rate of 15%, raising the effective tax level paid by companies.