Vietnam welcomes fresh FDI inflows from overseas Vietnamese

Foreign direct investment (FDI) inflows in Vietnam are set to record strong growth as the world moves past the novel coronavirus (COVID-19) epidemic, with plenty of investment coming from overseas Vietnamese, according to insiders.

The majority of FDI projects by overseas Vietnamese focus on the processing and manufacturing industry

Dr. Nguyen Minh Cuong, chief economist at the Asian Development Bank (ADB), stated that the nation is one of the leading countries globally in terms of receiving remittances from abroad.

Despite this, the adverse impact of the COVID-19 epidemic has seen FDI inflows, especially from members of the overseas Vietnamese community, fall sharply this year.

Dr. Cuong also pointed out that there will likely be strong FDI inflows into the nation in the future, especially from overseas remittances that are sent via direct or indirect investment in the financial market, or alternatively through mergers and acquisitions (M&A), adding that the country has been urged to devise preferential policies in an effort to welcome FDI inflows.

According to data published by the Ministry of Planning and Investment, as of October, overseas Vietnamese from 27 countries worldwide have injected money into 362 local FDI projects, with a total registered capital of US$1.6 billion.

Of the investment, overseas Vietnamese in the United States have made investments into 18 projects capitalized at US$105.8 million (accounting for 22.38% of the number of projects and 6.6% of OVs' investment capital in the country), followed by investment from Vietnamese expats from France, Australia, China, and Germany.

The majority of FDI projects focus on the processing and manufacturing industry, including 143 projects with capital of US$725.14 million, trailed by the real estate, accommodation services, and construction sectors.

At present, 42 out of 63 localities nationwide have attracted the investment capital source, with Hanoi luring 79 projects valued at US$476.8 million, followed by Long An, Binh Thuan, Hai Phong, and Dong Nai.

Deputy Minister of Industry and Trade Tran Duy Dong affirmed that the Party and State have deployed a range of policies in an effort to attract a greater number of overseas Vietnamese to invest in the country.

Most notably, according to the Investment Law, foreigners are able to invest in the nation in the form of FDI capital contribution, or through other methods such as purchasing shares or business cooperation contracts.

Deputy Minister Dong emphasised that in order to be eligible to invest in the nation, a foreign financier must satisfy specific conditions relating to the ratio of chartered capital ownership, investment form, and scope of operation.

Members of the overseas Vietnamese community who are both Vietnamese citizens and have foreign nationality have the right to select relevant procedures just as a domestic investor would, whilst they do not have to follow the same conditions and procedures as other normal foreign investors, said Deputy Minister Dong.

He pointed out that in addition to policies relating to investment and business, the Party and the State have also devised a number of schemes in an effort to encourage overseas Vietnamese investors who have the financial potential, qualifications, skills, and experience to make contributions to the homeland.

Furthermore, the Law on Housing has allowed overseas Vietnamese to purchase homes and other assets legally in the nation, therefore creating the optimal conditions for Vietnamese expatriates to invest and contribute locally.

Currently, overseas Vietnamese have been exempted from visas when returning the country, which affirms the Party and State's policy of considering overseas Vietnamese to be an inseparable part of society, Deputy Minister Dong added.

According to the Ministry of Planning and Investment, as of the end of October, Vietnamese enterprises and inpiduals invested in approximately 1,100 projects in 76 countries and territories globally, with total investment capital of US$21. 3 billion.

In comparison to the amount of capital invested abroad, investments from overseas Vietnamese poured into the country remains modest.

Dr. Cuong revealed that the nation has been urged to welcome a strong shift in foreign investment capital in the post-COVID-19 landscape, especially if it comes from Vietnamese expats.

Source: VOV
vov.vn

Related News

Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Vietnam

Vietnam's daily import expenditure surpasses VND25,000 billion

VCN - From the beginning of the year to mid-October, on average, Vietnam spent more than USUS$1 billion (equivalent to more than VND25,000 billion) each day importing goods.
Vietnam - UAE trade grows to billions of dollars

Vietnam - UAE trade grows to billions of dollars

VCN - Updated by the General Department of Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) sees a year-on-year increase of more than US$1.4 billion to nearly US$5 billion
Launch of the “Proud of 80 years of construction and development of Vietnam Customs” contest

Launch of the “Proud of 80 years of construction and development of Vietnam Customs” contest

VCN - Towards the 80th anniversary of Vietnam Customs' tradition (September 10, 1945 - September 10, 2025), the General Department of Vietnam Customs (GDVC) launches the “Proud of 80 years of construction and development of Vietnam Customs” contest.

Latest News

Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.

More News

Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version