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Wednesday, June 26, 2024

FDI thrives despite forex concerns

By Tue Nhien

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In October, foreign investment in Vietnam continued to increase, defying concerns about a volatile exchange rate. The reasons behind this trend, including the countries and factors driving it, remain uncertain. Volatile exchange rates not yet an issue As of October 20, 2023, data from the Foreign Investment Agency at the Ministry of Planning and Investment showed that total registered foreign direct investment (FDI) in Vietnam, encompassing newly registered capital, adjusted registered capital, capital contributions, and share purchases by foreign investors, had amounted to US$25.76 billion, a substantial 14.7% increase compared to the same period last year. Despite a 4.3% year-on-year decline in the first half of 2023, foreign investment in Vietnam made a remarkable comeback during the third quarter, up by 4.5% year-on-year in the first seven months, 8.2% in the first eight months, and 7.7% in the first nine months, ultimately reaching an impressive US$20.2 billion. This resurgence is particularly noteworthy considering the challenging global economic conditions. While the foreign exchange (forex) market has come under persistent pressure from exchange rate uncertainties, foreign investment in Vietnam has continued to flourish. By October 27, the Vietnamese dong was trading at VND24,107 per dollar, a 2.1% increase since the beginning of […]
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