Samsung C&T Corp., the construction unit of Samsung Group, has announced that it has secured a USD 510 million factory deal from Vietnam.
In a statement on Feb. 2, Samsung C&T said it has been contracted by PetroVietnam Power Corporation to build the Southeast Asian country’s first combined cycle power plant, Vietnam News Agency reported.
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Samsung C&T will form a consortium with local builder Lilama Corp. to build gas and steam turbines, heat recovery steam generators, substations and power lines for the plant, it said.
The company has not yet given a timetable for the plant, according to the Vietnam News Agency.
the influx of foreign investment in Vietnam reached more than 2.1 billion on Jan. 20, up 4.2 percent year-over-year, signaling good signs of the country’s investment appeal, Foreign Investment Agency (FIA) reported.
After recovering from late 2021 after the impact of the COVID-19 pandemic, many foreign-invested companies have stabilized and expanded their production and business activities. For example, the payout of foreign direct investment (FDI) in the first month of this year also saw a positive increase of 6.8 percent to more than $1.61 billion, the FIA said in its report.
According to the report, up to 103 new foreign-invested projects were licensed with a total registered capital of nearly USD 388 million, an increase of 119.1 percent year-on-year in terms of the number of projects, but a decrease of 70.7 percent in value.