The Vietnam authorities seems to have jumped the gun by asserting a possible $3.3 billion funding by Intel.
On Tuesday, the federal government of Vietnam reported 2023 overseas direct funding within the nation’s capital, Ho Chi Minh Metropolis, had reached $7.4 billion. Within the announcement, metropolis official Pham Tuan Anh indicated the $7.4 billion determine was contingent on the success of a multi-billion greenback take care of Chipzilla, plus a extra steady socio-economic and inflation state of affairs.
The subsequent morning, written mentions of Intel had disappeared from the positioning and overseas direct funding totals had been diminished – to between $4.1 and $4.5 billion.
Nonetheless, a photograph of Ho Chi Minh’s Intel facility remained within the announcement posted on the nation’s Central Financial Fee web site.
Ho Chi Minh Intel facility – Click on to enlarge
The power is situated in Saigon Hi-Tech Park and commenced manufacturing in 2010. It is Intel’s largest chip packaging and testing manufacturing unit and represents an funding of $1.5 billion.
The $7.4 billion greenback determine – and involvement of Intel – had been nonetheless included on different Vietnamese information websites that reported the preliminary announcement.
Intel supplied the next remark to each Reuters and Bloomberg:
In accordance with Bloomberg, Intel met with authorities officers relating to the $3.3 billion funding and indicated that it might be utilized to the Saigon Hello-Tech Park facility.
Vietnam’s authorities may be very eager to safe extra overseas funding to spice up exports and money in on producers’ need to diversify provide chains past China. Intel has been some of the distinguished tech corporations to spend money on Vietnam and like Samsung, one other big that is guess on Vietnam, is commonly cited by the nation’s authorities as a case research.
Whereas Vietnam rolls out the welcome mat to overseas corporations, it additionally launched a digital providers tax to make sure that e-commerce operations pay tax on gross sales made inside its borders. Vietnam’s authorities final week announced the primary 12 months of the tax netted earned public coffers $76.7 million. ®
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