Waiting for the return of large capital flows

Although foreign investment in Vietnam is still growing positively, the trend of “closing deals” for large-scale projects also seems to be slowing down. When the US tax policy is officially applied, large projects may become active again.

Reality over the past time shows that Vietnam is still a safe and attractive investment destination. Photo: Duc Thanh

Many billion dollar proposals

A series of large corporations are continuing to come to Vietnam to propose large-scale investment projects. The most recent, perhaps, is the Adani Group of Indian billionaire Gautam Adani.

Meeting with General Secretary To Lam a few days ago, Mr. Gautam Adani, Chairman of the Adani Group of India, said that the Group wishes to commit to a long-term, strategic investment in Vietnam with a capital of about 10 billion USD. According to Mr. Gautam Adani, the areas that Adani wants to invest in Vietnam are strategic infrastructure projects, energy, renewable energy and new technologies such as AI.

In fact, this is not Adani referring to this "huge" project in Vietnam. At the end of 2023, when meeting Prime Minister Pham Minh Chinh, Mr. Gautam Adani also shared about the plan to invest 10 billion USD in Vietnam in the next 10 years. At that time, the Lien Chieu Port Project ( Da Nang ) was mentioned as one of the most specific plans that Adani aimed for.

Not only Adani, two Korean corporations Hana and Dunamu have also come to Vietnam to seek investment opportunities. Notably, Dunamu is the management unit of Upbit, the largest centralized crypto asset exchange in Korea, ranked 3rd in the world, managing more than 80 billion USD in digital assets. Therefore, Dunamu wants to invest in Vietnam in the field of crypto assets, which is considered to have great potential for development. Recently, the Prime Minister assigned the Ministry of Finance to preside over and develop a Resolution on piloting the crypto asset market in Vietnam. When the sandbox mechanism for this field is established, the "door" will open for corporations like Dunamu and Hana to invest in Vietnam.

“We are committed to sharing our experiences and actively cooperating with Vietnam in the field of digital currency and crypto assets, while providing the best solutions and services, ensuring safety and transparency, thereby attracting Vietnamese and international investors,” said Mr. Kim Hyoung-nyon, Vice President of Dunamu Group, in a recent meeting with Prime Minister Pham Minh Chinh.

Meanwhile, in early July 2025, Pacific Construction Group (China) came to Quang Ninh to study and propose investing in the Cua Luc Bay road tunnel project, with a capital scale of about 10,000 billion VND (equivalent to nearly 400 million USD). Cooler Master Group (China) also just came to Bac Ninh to plan to invest in Gia Binh Industrial Park.

Cooler Master is currently investing in a project in Bac Ninh, specializing in manufacturing cooling modules for artificial intelligence (AI) servers, machine learning, and precision liquid-cooled refrigeration cabinets for data centers, with a scale of 200 million USD. This factory is expected to be operational next year.

To meet the needs of market expansion, as well as attract more investment from suppliers, and build housing for workers, Cooler Master wants to rent an additional 11 hectares of land in Gia Binh Industrial Park. According to Mr. Andy Lin, Chairman of Cooler Master Group, if this plan is approved, the Group wants to increase its investment capital in Vietnam to 800-900 million USD. This is a significant investment in the context of global investment flows still slowing down due to the impact of global geopolitical fluctuations and US tariff policies.

Big capital flows return?

Many large corporations have come to Vietnam to seek investment opportunities in recent times, and that shows that Vietnam is still a safe and attractive investment destination. However, not many big deals have been finalized recently, and the reason is believed to be because many investors are waiting for the final decision of the Trump administration on reciprocal tariffs with countries. When everything is finalized, the "chessboard" will clearly show which side has the advantage.

In the latest announcement on July 31, US President Donald Trump adjusted the reciprocal tax with dozens of trading partners, ranging from 10-41%. Specifically, 15% for South Korea, 25% for India... In Southeast Asia, Laos and Myanmar are subject to a 40% tax when exporting goods to the US. Meanwhile, the tax rate for Indonesia, Malaysia and Thailand is all 19%.

For Vietnam, information officially announced by the Ministry of Industry and Trade, the reciprocal tax rate for Vietnam decreased from 46% to 20%.

These tariffs are expected to affect not only trade flows, but also global investment flows. For example, to secure a 15% tariff with the US, while in early July the figure was 25%, South Korea agreed to invest $350 billion in the US, with projects selected by President Donald Trump, and spend $100 billion to buy liquefied natural gas (LNG) and other energy products.

It is not clear which projects and sectors Korean investments will focus on, but it is clear that when capital is poured into the US, Korean investment flows to other countries will be affected.

The question is, how will Vietnam be affected?

As Dau Tu Newspaper has reported many times, VinaCapital in a report released in early July 2025 affirmed that as long as the tax imposed on Vietnamese goods is not 10% higher than that of other countries, Vietnam will still strongly attract foreign investment capital.

Recent moves by foreign investors show that Vietnam still has many advantages, thanks to its open and favorable institutions and policies. Recent information shows that the Ministry of Finance is drafting a project related to attracting new-generation foreign investment, to suit the current trend and to meet the development needs of the economy. Certainly, factors related to the US tariff policy will be mentioned, from which timely policy responses will be made, to ensure the maintenance of the attractiveness of the investment and business environment and how to attract more quality investment flows into Vietnam.

A few days ago, when attending the inauguration event of the Coherent Group's semiconductor component factory, with an investment capital of 127 million USD, in Dong Nai, Deputy Prime Minister Nguyen Chi Dung once again emphasized that Coherent will make practical contributions, helping Vietnam become an important link, a semiconductor center in the future.

“Vietnam is becoming a 'strategic base' for the world's leading technology corporations, such as NVIDIA, Apple, Google, Meta... and today, Coherent,” said Deputy Prime Minister Nguyen Chi Dung.

There will continue to be more such large investors coming to Vietnam. Large investment projects will become active again in the coming time.

Source: https://baodautu.vn/cho-don-su-tro-lai-cua-dong-von-lon-d345639.html