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Sunday, October 2, 2022

U.S. investments in Vietnam exceed US$10 billion

By Le Hoang

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HCMC – U.S. firms have so far registered a total of US$10.47 billion for 1,160 investment projects in Vietnam.

A Ministry of Planning and Investment report said U.S. investors pledged over US$147 million in 24 new projects and eight operational projects in the first fourth months of the year.

U.S. firms also conducted 59 transactions to contribute capital to and acquire shares in local firms with a total of US$22.4 million in the four-month period.

In total, the United States committed nearly US$170 million to Vietnam in January-April, ranking ninth among the 72 countries and territories investing in the country, following Singapore, South Korea, Denmark, China and Japan.

According to analysts, the figure does not reflect the full picture of U.S. investment in Vietnam as many American investors are doing business in Vietnam via a third country, so they are taken into account.

The foreign investment outlook in the first four months of the year was positive. Regardless of the difficulties caused by the Covid-19 pandemic, many major U.S. firms, such as P&G, Coca Cola, Apple, Google and Intel, have announced their investments in Vietnam, both directly and through their partners.

After social distancing measures were lifted in HCMC last year, U.S. firms have been more optimistic about Vietnam’s prospects.

According to a survey of the American Chamber of Commerce in Vietnam issued in November last year, nearly 80% of members of the chamber were upbeat about the medium- and long-term prospects of Vietnam and they were planning to expand their investment in the country.

At conferences on investment, representatives of U.S. firms said the Vietnamese Government’s ceaseless improvement of the business environment and removal of difficulties facing investors would encourage them to invest further in the country.

The long-term outlook of Vietnam remains the main factor to retain foreign investors, including U.S ones.

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