Foreign investment remains on upward trend
Foreign investment remains on upward trend
Foreign investment inflows into Việt Nam in the first eight months of this year reached nearlyUS$18.15 billion, up 8.2 per cent year-on-year, according to theForeign Investment Agency (FIA) under the Ministry of Planning and Investment revealed.
A part of Hà Nội's Hà Đông District. The capital city is the most attractive investment destination for foreign businesses as it lured over $2.34 billion in the first eight months of this year. — VNA/VNS Photo Tuấn Anh |
Up to1,924 new foreign-invested projects worth over $8.87 billion were licensed during the period, up 70 per cent year-on-year in the number of projects and 40 per cent in the level of capital.
In addition, 830 projects had their capital adjusted, with a total amount of above $4.53billion, up 23per cent in quantitybut down 40 per cent in qualityyear-on-year, respectively.
Foreigninvestors also made2,268transactions ofcapital contributions and share purchases valued at $4.47 billion in eight months, down 6.5.per cent in number but up 63 per cent in the capital.
The FIA added thatdisbursed capital stood at$13.1 billion in the period, a slight annual increase of 1.3per cent.
The manufacturing and processing sector remained to attract thelargestshare of foreign investment with nearly $13 billion, representing a yearly hike of15 per cent or accounting for 67.8per cent of the total capital.
Real estate came secondwith over $1.76 billion, down 47 per cent year-on-year or making up 9.7per cent of the total.
The banking and finance sectorranked third withnearly$1.54billion,63.7 times higher than last year's corresponding period. It was followed byscience and technology with $800 million, up 29 per cent year-on-year.
In the January-Augustperiod, there were 100countries and territories pouring capital into Việt Nam, in which Singapore topped the list with over $3.83billion, down 15per cent year-on-year or 21.2 per cent of the total investment registered in the country.
It was followed by China with $2.69 billion,up 91 per cent year-on-year or 14.8 per cent of the total and Japan with above $2.58 billion, surging 73 per cent year-on-year or 14.2 per cent.
According to the FIA, the capital city was the most attractive investment destination for foreign businesses as it lured over $2.34 billion,accounting for nearly 13 per centof total registered investment capital and increasing 2.89 times over the same period of 2022.
The northern port city of Hải Phòng came nextwith a total registered investment capital of more than $2.08 billion, accounting for nearly 11.5 per centof the total, up 72.2 per centyear-on-year.
Accumulated to August20, 2023, the whole country was home to38,084valid foreign-investedprojects with a total registered capital of$453.26billion. The accumulated realised capital of foreign investment projects topped $277.1billion, equalling 63.3 per cent of the total valid registered investment capital.
Việt Nam's attractiveness remained in the eyes of international investors, despite a wave of strategic adjustments as well as a reduction in investment activities on a global scale, according to experts.
It reflectedthe Government's efforts to promote cooperation, support foreignenterprises and improve the investment environment, theysaid, adding that the country's participation in many free trade agreements also creates advantages for goods produced in Việt Nam, especially when the tax rate hadbecome a strength, helping maintain the country’s competitiveness in the race to lure foreign capital.
At the same time,a lot of localities have beenproactively clearing bottlenecks, promoting potential and investment as well as creating the most favourable conditions for investors to attract new projects. For example, the northern province of Thái Nguyên has launched a "campaign" in this regard.
According to chairman of the provincial People's Committee Trịnh Việt Hùng, the province boastedfavourable conditions to welcome investors, with appropriate policies, including financial support in vocational training for workers. This was a solution that contributedto accelerating the implementation and improving the feasibility of projects, he said.
At the macro level, the Government continuedto focus on speeding up reforms and perfecting institutions and regulations related to foreign investment; actively promotes investment on the international scale, focusing on large and potential partners in terms of capital and technology such as South Korea, Japan, Europe and the US.
