Vietnam is the top destination for Taiwanese investment capital.

Whether it is traditional or high-tech industries, Vietnam is voted as the top destination for Taiwanese investment capital.

The information was shared by Mr. Thach Thuy Ky, Chief Representative of the Taipei Economic and Cultural Office in Vietnam at the Vietnam - Taiwan (China) Business Forum 2024, held on the afternoon of April 8.

Citing information from a survey conducted with Taiwanese businesses, Mr. Thach Thuy Ky said that Vietnam and the Philippines were voted as the top destinations for investment capital in traditional industries. In the high-tech electronics industry, Vietnam was also the first choice, followed by Indonesia, India and the Philippines.

“Vietnam has great appeal to Taiwanese businesses,” Mr. Thach Thuy Ky shared.

Taiwanese businesses participate in exhibitions on the sidelines of the Forum.

On the sidelines of the forum, more than 2,000 Taiwanese enterprises from 176 member associations from 72 economies around the world gathered to participate in exhibition activities, display booths, and connect businesses with Vietnamese enterprises.

Recently, most of Taiwan's major electronics corporations such as Foxconn, Wistron, Qisda, Pegatron, Compal, Quanta... have invested in Vietnam.

Speaking at the Forum, Deputy Minister of Planning and Investment Tran Duy Dong said that in 2023, investment capital from Taiwan to Vietnam will reach 2.2 billion USD, 4 times higher than in 2022. Cumulatively, Taiwan currently ranks 4th out of 105 countries and territories investing in Vietnam with nearly 3,200 projects and a total registered capital of more than 39.5 billion USD. Taiwan has also become Vietnam's 5th largest trading partner.

Deputy Minister of Planning and Investment Tran Duy Dong shared at the Forum.

“Taiwan is a large economy with high technological level. Up to now, most of Taiwan’s large enterprises have been present and invested in Vietnam. Vietnam calls for and encourages Taiwanese enterprises to invest in the fields of science and technology, electronics, semiconductors, etc., areas where Taiwan is strong and at the same time suitable for Vietnam’s development orientation,” Deputy Minister Tran Duy Dong affirmed.

He also suggested that Taiwanese enterprises increase technology transfer, increase the localization rate, increase support for training highly skilled workers, and create conditions for forming a global supply chain.

When investing in Vietnam, in addition to complying with the law, Deputy Minister Tran Duy Dong called on Taiwanese businesses to actively cooperate with local businesses, while continuing to pay attention to workers' lives and social security work.

During the event, Mr. CY Huang, founding chairman of the Southeast Asia Influence Alliance, said that Vietnam is a potential destination for Taiwanese investors. He said that according to Taiwanese businesses, Vietnam is considered an important link in the trend of shifting supply chains in Southeast Asia.

According to Mr. CY Huang, Vietnam and Taiwan have many cultural similarities, which helps reduce communication barriers and facilitate investment cooperation. In addition, Vietnam has the advantage of a young population, high economic growth rate, and diverse industries, creating wide investment opportunities for Taiwanese businesses.

However, to continue attracting investment capital from Taiwan, Taiwanese businesses expressed their hope that Vietnam would solve the problem of electricity shortage, build a mechanism to minimize the impact of global minimum tax, and actively train high-quality human resources, especially in the electronics and semiconductor industries.

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