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Monday, July 22, 2024

Wholesale and retail sectors lead in new foreign investment approvals

By Le Hoang

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HCMC – The wholesale and retail industries took the lead in new foreign-invested projects in the January-September period, according to the Ministry of Planning and Investment.

A report from the Ministry of Planning and Investment showed that Vietnam had 1,355 new foreign-invested projects licensed with total registered capital of US$7.12 billion. The number of projects in the wholesale and retail industries accounted for 30% of those.

Vietnam’s retail market had grown at a double-digit rate for years prior to 2019. Even when affected by the pandemic, total retail sales reached more than US$172 billion in 2020, up 10.6%, and US$173 billion in 2021, up 0.2% year-on-year.

According to the General Statistics Office, the total retail sales of consumer goods and services in the first eight months of this year reached over VND3,679 trillion, equivalent to about US$155 billion, up 19.3% over the same period last year.

Thanks to those positive signs, many enterprises decided to join the market and increase their investment. Many large corporations such as AEON, Central Retail and Uniqlo have been seeking opportunities to open more branches throughout the country.

Regarding foreign investment approvals in the first nine months, the total registered capital of new projects fell 43% compared to the same period last year at US$7.12 billion.

However, nearly 770 projects with foreign investments registered to adjust their investment capital, up 13.4% over the same period last year. The total additional capital registered was more than US$8.3 billion, up nearly 30%.

According to the Ministry of Planning and Investment, the total newly registered capital, adjusted capital and share acquisitions by foreign investors from January to September totaled more than US$18.7 billion, down 15.3% over the same period last year.

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