Singapore leads foreign investment in Vietnam
Workers at Apparel Far Eastern (Vietnam) Co., Ltd in the Vietnam - Singapore Industrial Park, Thuan An city, Binh Duong province. (Photo: VNA)
Singapore remained the biggest foreign investor in Vietnam among the 51 countries and territories investing in Vietnam in the first two months of 2023, with 978.4 million USD, making up nearly 31.6% of the total registered foreign direct investment (FDI) in the country, down 42.7% year-on-year, the Ministry of Planning and Investment (MPI) reported.
Taiwan (China) ranked second with nearly 407.1 million USD, accounting for 13.1% of the total, and 3.85 times higher than that in the same period last year. The Netherlands came third with nearly 369 million USD, equivalent to 11.9% of the total.
China led in the number of new investment projects in Vietnam, accounting for nearly 17.2%. Meanwhile, the Republic of Korea (RoK) was the leader in terms of capital adjustment (21.1%) and capital contributions and share purchases (30.5%).
Foreign businesses have invested in 39 provinces and cities nationwide in the reviewed period.
Bac Giang led the localities in FDI attraction with 824.3 million USD, making up 26.6% of the total, up 8.4 times over the same period in 2022. Ho Chi Minh City ranked second with 103 new projects worth 369.1 million USD, accounting for 11.9% of the total.
The ministry said the total newly-registered capital, adjusted capital, and capital contribution and share purchase of foreign investors neared 3.1 billion USD, down 38% year-on-year.
As of February 20, as many as 2.55 billion USD of foreign investment capital had been disbursed, a decrease of 4.9% compared to the same period last year.
Foreign firms have poured capital into 17 out of Vietnam's 21 sectors, with the processing and manufacturing industry taking the lead with more than 2.17 billion USD, making up 70.1% of the total. It is followed by real estate with 396.9 million USD, accounting for over 12.8%.
Experts said to attract greater FDI projects in the coming time, Vietnam needs to fundamentally renovate all activities, from investment promotion to building and perfecting institutions and policies on foreign investment in line with development trends, approaching international standards, harmonising with international commitments, and ensuring harmony, consistency, publicity, transparency and competitiveness./.
Related News
Unlock capital flows and create favorable conditions for investors
10:22 | 27/03/2024 Import-Export
The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference
10:19 | 09/03/2024 Finance
Accelerate disbursement from solutions of Treasury system
14:01 | 08/03/2024 Finance
Positive economic outlook in 2024
10:15 | 07/03/2024 Headlines
Latest News
ASEAN, RoK agree on transposition of AKFTA product specific rules
15:00 | 28/03/2024 Import-Export
Opportunities for digital technology businesses to go global
14:58 | 28/03/2024 Import-Export
Vietnam, China eye stronger border trade
14:57 | 28/03/2024 Import-Export
Improve competitiveness and sustainable development of the seafood industry
09:51 | 28/03/2024 Import-Export
More News
Business environment reform needs further promotion: expert
14:47 | 27/03/2024 Import-Export
Singapore is the largest foreign investor in VN in Q1
14:43 | 27/03/2024 Import-Export
Thai Binh boosts investment, trade cooperation with Germany
14:38 | 27/03/2024 Import-Export
Lifting obstacles to develop industrial parks
10:24 | 27/03/2024 Import-Export
More than 300 businesses, manufacturers to attend VGMF 2024
15:55 | 26/03/2024 Import-Export
Connecting with FDI firms helps boost wood exports: insiders
15:52 | 26/03/2024 Import-Export
Doosan Vina exports nearly 2,000 tonnes of modules to US
15:51 | 26/03/2024 Import-Export
Wood processing enterprises strive to increase the proportion of individually designed goods
09:50 | 26/03/2024 Import-Export
Take advantage of shrimp export opportunities right from early year months
15:53 | 25/03/2024 Import-Export
Your care
ASEAN, RoK agree on transposition of AKFTA product specific rules
15:00 | 28/03/2024 Import-Export
Opportunities for digital technology businesses to go global
14:58 | 28/03/2024 Import-Export
Vietnam, China eye stronger border trade
14:57 | 28/03/2024 Import-Export
Improve competitiveness and sustainable development of the seafood industry
09:51 | 28/03/2024 Import-Export
Business environment reform needs further promotion: expert
14:47 | 27/03/2024 Import-Export