Vietnam lured close to US$18.15 billion in foreign direct investment (FDI) from the beginning of this year to 20 August 2023, up 8.2% year-on-year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
The Thai Board Of Investment (BOI) also brought Thailand business operators from the Thai Automotive Industry Association to participate in the 19th Western China International Fair (WCIF), one of the top 10 national fairs in China.
Chinese oil refiners and petrochemical companies are investing tens of billions of dollars to produce high-end chemicals for solar panels and lithium-ion batteries to profit from growing demand for energy transition technologies.
While the industry at large can see the wave in electric vehicles (EV) coming from China, it has not fully detached itself from the stigma of inferior quality in spite of its rapid technological advancements. How would China overcome their “good enough” reputation?
Chinese electric vehicle manufacturers are pouring into Thailand, with investments up to US$1.44 billion in production facilities in Southeast Asia’s biggest automaking hub that has long been dominated by Japanese companies. Japan appears to be set to be dethroned by China.
China banned US chip maker Micron from selling to Chinese companies working on key infrastructure projects, in a major escalation of an ongoing battle between the world’s top two economies over access to crucial technology. This move might spell an opportunity for Korea.