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Vietnam’s 2023 foreign investment third highest since 2018 despite economic downturn

Vietnam’s 2023 foreign investment third highest since 2018 despite economic downturn

Wednesday, December 27, 2023, 17:03 GMT+7
Vietnam’s 2023 foreign investment third highest since 2018 despite economic downturn
Amkor’s semiconductor factory in the Yen Phong 2 Industrial Park in Bac Ninh Province, northern Vietnam. Photo: Amkor

Vietnam received foreign investment commitments worth US$36.6 billion in the year until December 20, the third highest since 2008, according to recently-released data from the Foreign Investment Agency under the Ministry of Planning and Investment.

This is an outstanding achievement amid the global economic difficulties.

The figure represents a notable 32.1-percent increase compared to the corresponding period in the previous year.

The Southeast Asian country attracted $44.4 billion in foreign investment in 2008, double the figure in the previous year, after it joined the World Trade Organization in 2007.

The foreign capital pledged to Vietnam fell between 2008 and 2016 to an average annual registered investment of some $22.3 billion. 

However, the foreign investment bounced back between 2017 and 2023 with the average capital hitting $33.3 billion per year.

The quality of the investment has also improved.

Foreign-invested projects have been chosen more carefully with a priority given to hi-tech projects which can become a catalyst for domestic firms.

Typical projects in 2023 included the U.S.-headquartered Amkor Technology’s semiconductor factory in Bac Ninh Province, northern Vietnam which carries a price tag of $1.6 billion, Apple supplier Foxconn’s investment of $1.5 billion in north-central Thanh Hoa Province and $300 million in northern Bac Giang Province to manufacture iPads and AirPods, Apple supplier Luxshare-ICT’s investment of $330 million in Bac Giang Province, and South Korea’s LG Innotek’s $1-billion investment in Hai Phong City, northern Vietnam.

Of the foreign investment commitments from early this year to December 20, $20.18 billion was channeled into nearly 3,200 new projects, $7.88 billion into some 1,300 underway projects, and $8.54 billion through capital contribution and share purchase transactions.

Among the nearly 3,200 new projects were close to 1,100 projects in the manufacturing and processing sectors.

During the period, around $23.1 billion in foreign investment was disbursed, according to the Foreign Investment Agency.

This year, six countries and territories invested over $1 billion each in Vietnam, including Singapore ($6.8 billion), Japan ($6.5 billion), Hong Kong ($4.6 billion), China ($4.4 billion), South Korea ($4.4 billion), and Taiwan ($2.8 billion).

Ho Chi Minh City, Hanoi City, Hai Phong City, Quang Ninh, Bac Giang, Thai Binh, and Bac Ninh Provinces in northern Vietnam were the largest recipients of foreign investment this year.

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Thanh Ha - Bao Ngoc / Tuoi Tre News


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