Hanoi tops country in FDI attraction in first eight months

Hanoi tops the whole country in FDI attraction in the first eight months of this year. (Photo: VNA)

Hanoi – Hanoi got over 2.34 billion USD of foreign direct investment (FDI) in the first eight months of this year, topping the whole country in FDI attraction during the period.

The figure is up 2.89 times against last year.

Hai Phong came second with over 2.08 billion USD, increasing by 72.2 per cent, followed by Ho Chi Minh City, Bac Giang, and Binh Duong.

Meanwhile, the capital city attracted nearly 2.3 billion USD of FDI in the first seven months of this year, with 233 new projects worth 97.5 million USD and 108 projects permitted to increase investment capital by 193.5 million USD.

According to the Foreign Investment Agency under the Ministry of Planning and Investment, Vietnam lured close to 18.15 billion USD in FDI from the beginning of this year to August 20, up 8.2 per cent year-on-year.

In the period, there were 1,924 newly registered projects with a combined capital of 8.87 billion USD, up 69.5 per cent and 38.6 per cent compared to the same period last year, respectively.

Meanwhile, over 4.53 billion USD was added to 830 existing projects, down 39.7 per cent and up 22.8 per cent year-on-year, respectively.

Regarding investment partners, in the first eight months of this year, 100 countries and territories have invested in Vietnam. Among them, Singapore is leading with a total investment of more than 3.8 billion USD, accounting for more than 21.2 per cent of total investment capital in Vietnam, down 15.4 per cent from the same period in 2022.

China ranked second as Chinese investors poured nearly 2.69 billion USD into Vietnam, accounting for 14.8 per cent of total investment capital.

The implemented capital of foreign investment projects also saw an increase compared to the same period in 2022. As of August 20, 2023, it is estimated that foreign investment projects had disbursed about 13.1 billion USD, an increase of 1.3 per cent over the same period in 2022 and 0.5 percentage points compared to the first seven months of the year.

Localities report downgrade in FDI attraction amid land shortages Localities such as Dong Nai and Thanh Hoa are struggling to provide enough available land for some of the biggest manufacturers, currently relying only on the interest of smaller-scale ventures.

FDI attraction, consumption, tourism silver linings of Vietnam’s H2 economic growth Foreign direct investment (FDI) attraction, consumption, and tourism are considered silver linings in Vietnam’s economic growth in the coming months of this year, insiders said.