Vietnam revises $3.3B investment plan with Intel Corporation in Ho Chi Minh City: Bloomberg

The government stated that the investment could boost the city's foreign direct investment to $7.4 billion in 2023. 

However, in a surprising move, the government revised its statement and removed Intel's name, and reduced the projected total investment to $4.5 billion.

Vietnam has been actively seeking investments from foreign tech giants, as the country is emerging as a viable alternative to China in manufacturing everything from gadgets to basic semiconductors. 

Intel recently met with government officials to discuss plans to make an additional investment in the city's Saigon Hi-Tech Park, but the company has not confirmed any new investments.

Intel already operates a chip assembly and test manufacturing facility in Ho Chi Minh City and invested $475 million in Intel Products Vietnam in 2021, bringing its total investment in the country to $1.5 billion. 

Vietnam has become a major manufacturing hub for companies seeking to diversify their supply chains, attracting the likes of Apple and Samsung.

Despite the government's amendment, it remains to be seen whether Intel will make the additional investment in the country. Nevertheless, Vietnam's efforts to attract foreign investment and its emergence as a manufacturing hub continue to make headlines.

Source: Bloomberg