Singapore tops foreign investors in Vietnam in first quarter

March 28, 2024 | 16:43

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Singapore was the largest foreign investor in Vietnam in the year to March 20 with over 2.55 billion USD, making up 41.3% of the total foreign direct investment (FDI) registered in the country, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).

Singapore tops foreign investors in Vietnam in first quarter | Business | Vietnam+ (VietnamPlus)

Singapore tops foreign investors in Vietnam in first quarter, Illustrative image (Photo: VNA)

Hanoi - Singapore was the largest foreign investor in Vietnam in the year to March 20 with over 2.55 billion USD, making up 41.3 per cent of the total foreign direct investment (FDI) registered in the country, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).

It was followed by Hong Kong (China) with 1.05 billion USD, accounting for 17.1 per cent of the total and increasing 2.3 times compared to the same period last year.

China led 62 countries and territories investing in Vietnam in the number of new investment projects, accounting for 27.8 per cent of the total. Meanwhile, the Republic of Korea took the lead in the number of capital-added projects and contributions for share purchases, making up 23 per cent and 27.8 per cent, respectively.

Vietnam had attracted 6.17 billion USD in FDI as of March 20, a year-on-year rise of 13.4 per cent. Specifically, 644 new projects with total registered capital of 4.77 billion USD were granted investment certificates, up 23.4 per cent in the number of projects, and 57.9 per cent in value year-on-year.

A total of 934.6 million USD was registered to be added to 248 existing projects and 466.2 million USD earmarked for stake purchase and capital contribution.

The disbursed foreign investment rose by 7.1 per cent in the first quarter to reach 4.63 billion USD, a signal that the disbursement will continue the positive trend, the agency said.

Dak Nong province lures eight projects worth more than $8.4 billion

Dak Nong province in Vietnam's Central Highlands has issued investment certificates for four projects valued at VND1.7 trillion ($69.35 million) and memoranda on investment cooperation for another four projects worth $8.4 billion.

VCCI calls for greater support for R&D costs of FDI firms

The Vietnam Chamber of Commerce and Industry (VCCI) has proposed increasing the support for research and development (R&D) costs to over 50 per cent for foreign direct investment (FDI) businesses, it said in policy feedback requested by the Ministry of Planning and Investment.

FDI saw double-digit growth in Q1

In the first quarter (Q1) of the year, foreign direct investment (FDI) hit $6.17 billion, an increase of 13.4 per cent on-year, and newly registered capital was up 58 per cent to reach $4.77 billion, while new-project registration was up over 23 per cent to 644, according to the Foreign Investment Agency (FIA), under the Ministry of Planning and Investment.

By VNA

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