Global investment shift to benefit Vietnam: conference
Vietnam attracted 16.7 billion USD in foreign investment in the first eight months of 2022, down 12.3% from a year earlier. (Photo: VNA)
Global investors are planning to restructure their investment flows, a move predicted to take place strongly from now to 2023 and create opportunities for Vietnam, heard a conference on September 21.
Registered foreign investment totaled 16.7 billion USD as of the end of August, down 12.3% from a year earlier. However, the investment disbursement rose 10.5% to 12.8 billion USD and capital addition to existing projects up 50.7% to 7.5 billion USD.
Notably, the average value of each project reached 14.7 million USD, compared to the over 10 million USD in 2021, Do Nhat Hoang, Director of the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment, told the event in Binh Duong province.
In the southern region, Ho Chi Minh City took the lead in foreign investment attraction, followed by Binh Duong, Dong Nai, Ba Ria - Vung Tau, Long An, and Tay Ninh. Binh Duong alone recorded nearly 2.6 billion USD, surging 72% year on year, statistics show.
Hoang pointed out that due to recent global uncertainties and disrupted supply chains as a result of the COVID-19 pandemic and China’s “zero-COVID” policy, investment flows are being shifted to new markets, and this is a chance for Vietnam in general and southern localities in particular.
To seize opportunities, localities should connect with one another to develop an attractive ecosystem for technology investors, he recommended.
The conference in Binh Duong province on September 21 (Photo: baobinhduong.vn)
Vietnam is to become a destination for power, electronics, processing and manufacturing projects from investors from the Republic of Korean who are seeking new places for their export production facilities. Such sectors as wholesale, retail, non-manufacturing, and support industry will also continue attracting Japanese investors and enterprises, he added.
The FIA held that in the next two - three years, tech firms will still choose Vietnam as a priority destination for new investments or investment expansion, especially in manufacturing. Many “hot” industries such as technology, pharmaceutical, and energy are likely to be magnets for investment.
To make use of the shift in global production chain and FDI flows, the FIA advised provinces and cities to attract high-quality investments that suit Vietnam’s demand, prepare a skilled workforce, reform investment promotion and management activities, apply digital technologies to quickly handle procedures, and step up administrative procedure simplification.
Foreign investment will keep growing in 2022 and make breakthroughs in the years to come as countries are gradually reopening their economies and adapting to the new normal, the agency added./.
Related News
Promoting Vietnam-Laos Customs cooperation
09:44 | 21/11/2024 Customs
Vietnam’s exports to the U.S. near US$100 billion milestone
09:46 | 21/11/2024 Import-Export
U.S. Treasury continues to affirm Vietnam does not manipulate currency
13:46 | 19/11/2024 Finance
Vietnamese passion fruit gets “great opportunities” to Australia
09:35 | 16/11/2024 Import-Export
Latest News
Vietnam's internet economy projected to hit 36 billion USD in 2024
13:51 | 22/11/2024 Headlines
Adapting to multicultural environments in global business
09:33 | 22/11/2024 Headlines
Vietnam resolved to boost digital economy with national action plan
14:25 | 21/11/2024 Headlines
NA Chairman departs for official visit to Cambodia
14:24 | 21/11/2024 Headlines
More News
Innovating gold market management mindset
09:48 | 21/11/2024 Headlines
Businesses need support from vietnamese representative offices abroad
14:48 | 20/11/2024 Headlines
Vietnam-Cambodia relations expected to enter new development period: official
14:42 | 20/11/2024 Headlines
Vietnam emerges as forerunner in global nearshoring trend
13:46 | 19/11/2024 Headlines
PM’s visit to Dominican Republic to cement ties
13:41 | 19/11/2024 Headlines
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"
09:39 | 19/11/2024 Headlines
"Explosion" of aviation retail with new services
15:53 | 18/11/2024 Headlines
PM attends Vietnam-Brazil business forum in Rio de Janeiro
15:50 | 18/11/2024 Headlines
Party leader requests extra efforts to fulfill education, training reform goal
15:48 | 18/11/2024 Headlines
Your care
Vietnam's internet economy projected to hit 36 billion USD in 2024
13:51 | 22/11/2024 Headlines
Adapting to multicultural environments in global business
09:33 | 22/11/2024 Headlines
Vietnam resolved to boost digital economy with national action plan
14:25 | 21/11/2024 Headlines
NA Chairman departs for official visit to Cambodia
14:24 | 21/11/2024 Headlines
Innovating gold market management mindset
09:48 | 21/11/2024 Headlines