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Thursday, June 20, 2024

Fresh FDI approvals soar 15% in Jan-Oct

By Nguyen Tan

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HCMC – Vietnam has seen a 15% increase in new foreign direct investment (FDI) approvals in the first 10 months of this year compared to the same period last year, according to the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment.

By October 20, the total new FDI, including new projects, capital adjustments by existing projects and capital contributions, had amounted to over US$25.76 billion, up 14.7% year-on-year.

New projects contributed significantly to this rise. FIA data showed there had been 2,608 new projects worth over US$15.29 billion approved in the year to October 20, up 54% year-on-year.

FDI disbursements had reached an estimated US$18 billion, a 2.4% increase versus the same period in 2022.

The manufacturing and processing industry had attracted the most FDI, accounting for nearly US$18.84 billion, or 73.1% of the total. This represents a 45.8% surge compared to the previous year.

However, while the number of projects registering for capital adjustment had risen by 19.4% to 1,051, the additional capital garnered had reached over US$5.33 billion, a 39% year-on-year decrease.

Further data showed a decline in stake acquisitions by foreign investors, with 2,836 transactions reported, a 5.4% drop from the year prior. Yet, the total capital from these stake purchases surged 35.4% year-on-year to more than US5.13 billion.

The real estate sector had secured the second-highest investment, with nearly US$2.14 billion, despite a 44.8% decrease over the same period in 2022.

Financial services, followed by the wholesale and retail sectors, had attracted investments of some US$1.54 billion and almost US$907 million, respectively.

From January to October, Vietnam has received investments from 108 countries and territories. Singapore is the top investor, with almost US$4.65 billion, though it fell 13% versus the same period in 2022. South Korea and Hong Kong follows with US$3.93 billion and US$3.54 billion in investments, respectively.

Quang Ninh Province had emerged as a major FDI recipient, with close to US$3.09 billion, surging by 41.3% year-on-year.

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