Vietnam misses out on Intel, LG Chem investments due to lack of incentives, ministry document shows [Yahoo! Finance]
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Source: Yahoo! Finance
investment incentives, the country's investment ministry said in a document reviewed by Reuters. U.S. chipmaker Intel had proposed to invest $3.3 billion in a project in Vietnam and asked the country for "cash support" of 15%, but later decided to move the project to Poland, the ministry said in the document dated June 29. South Korea's LG Chem Ltd also skipped Vietnam to invest in a battery project in Indonesia, after having asked Vietnam to cover 30% of the investment cost, the document said. The two companies did not immediately respond to requests for comment on the assessment by the Ministry of Planning and Investment, which was due to present plans for an investment incentive fund to the central government on Friday for approval. "Recently, many large groups have come to explore investment opportunities in Vietnam but have later decided to move to other countries as Vietnam lacks regulations on investment supports," the ministry document said. Vietnam, which is an impo
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