Vietnam: Attracting FDI to exceed 33 billion USD in 11 months
According to the Foreign Investment Agency of the Ministry of Planning & Investment, Vietnam received an estimated $16 billion in foreign direct investment (FDI) in the first 11 months of this year, up 11.9 percent from the same period in 2016.
As such, FDI pledges for new projects, increased capital and stake acquisitions jumped 82.8 percent from a year ago to $33.09 billion. Specifically, since the beginning of the year, Vietnam has 2,293 newly approved FDI projects, with total registered capital of 19.8 billion USD, up 52% compared to the same period of 2016. There were 1,100 FDI modified projects with additional funds of 8 billion USD, up 57.6% compared to the same period of 2016 and 4,535 projects contributing funds, with total investment of 5.29 billion USD, up 57.6% compared to 2016.
Vietnam received an estimated $16 billion in foreign direct investment (FDI) in the first 11 months of this year, up 11.9 percent from the same period in 2016.
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Currently, there are 112 countries and regions have projects in Vietnam in the first 11 months, in which Japan is in the top with 8.94 billion USD, contributing to 27% of total investment. Korea is in second place with total registered capital of 8.18 billion USD, contributing to 24.7% of total investment and Singapore in third place with 4.69 billion USD, contributing to 14.25% of total investment.
Foreign investors have invested in 59 provinces/cities in Vietnam since the beginning of 2017. In which, Ho Chi Minh is attracting the most investment fund with 5.68 billion USD, contributing to 17.2% of total investment. Bac Ninh is in second place with 3.28 billion USD, contributing to 9.9% of total investment. Thanh Hoa is the third with 3.16 billion USD, contributing to 9.5% of total investment.
The manufacturing and processing industry received the most foreign funds as of November, followed by the electricity and air production and distribution sector. South Korea, Japan and Singapore were the biggest investors in Vietnam.
Vietnam’s FDI inflows hit a record high of $15.8 billion in 2016. According to statistics from the Foreign Investment Agency of the Ministry of Planning & Investment, as of September 2017, Vietnam has attracted 24,199 FDI projects from 116 countries and regions in the world, with total registered capital of 310.19 billion USD. Despite being one of an attractive destination for foreign investors, the rate of technology transfer through FDI sector to the domestic sector in Vietnam remains lower than other neighboring countries, which is decreasing in tendency.
As Vietnam is entering a new phase of development, the government focuses on new strategy in FDI attraction, with more attention to quality instead of quantity, as such, FDI enterprises should contribute more to the human resources training and technology transfer.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years