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Tuesday, June 25, 2024

Singapore is Vietnam’s biggest investor in Q1

The Saigon Times

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HCMC – Singapore has emerged as the top investor in Vietnam, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Fresh foreign direct investment (FDI) approvals in the first quarter of the year totaled US$6.17 billion, up by 13.4% against the same period last year.

Singapore stood out as the largest foreign investor during this period, with a staggering US$2.55 billion pledged in Vietnam in January-March, which shot up by a sharp 51.3% year-on-year.

The first quarter saw 644 new foreign-invested projects approved, up by a robust 23.4% versus the previous year. Their pledged capital amounted to US$4.77 billion, up by a hefty 57.9% year-on-year.

There were 248 operational foreign-invested projects registering to add an extra US$934.6 million, which was 22.6% lower than in the same period last year.

Capital contributions to companies and share acquisitions in Vietnam by foreign investors totaled US$466.2 million, down by 61.7% against the year-earlier period.

Investments from Singapore and Hong Kong constituted a significant portion of the total  from 62 countries and territories, with Singapore alone accounting for 41.3% of the total. Hong Kong followed closely, with over US$1.05 billion, representing 17.1% of the total.

While China took the lead by new investment projects, South Korea led in capital adjustments, contributions and share purchases.

The top five foreign investors in Vietnam in the first quarter were Singapore, Hong Kong, China, Japan, and South Korea.

Currently, Vietnam has 39,758 valid FDI projects with total registered capital of nearly US$475.83 billion.

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