Vietnam posts $424 million in foreign investments over first ten months

October 28, 2023 | 23:35

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Over the first 10 months of 2023, Vietnam recorded overseas investments reaching $424.34 million, down 6.1 per cent against the same period last year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Vietnam posts $424 million in foreign investments over first ten months

There were 95 projects receiving new investment registration certificates during the period, with the total registered capital of $251.15 million, down 35.6 per cent on-year. Meanwhile, 19 projects adjusted their investment capital with an additional $173.19 million, almost 2.8 times as much as last year.

According to the FIA, Vietnamese have made investments across 14 different industries overseas. The wholesale and retail industry ranked first with 32 newly invested projects and six with added capital, bringing the total to $151.64 million and making up 35.7 per cent of the outbound investment capital.

The information and communication industry followed closely behind with $119.37 million, accounting for 28.1 per cent of the total. It was followed by electricity production and distribution, agroforestry, fisheries, processing, and manufacturing.

Data shows that 24 nations and territories have received capital inflows from Vietnamese investors in the first 10 months of 2023. Canada took home the biggest share with a total registered amount of $150.2 million, representing 35.4 per cent of the total sum. Singapore, Laos, and Cuba follow behind.

As of October 20, Vietnam reached 1,675 valid overseas ventures valued at $22.1 billion. Among them, there are 141 projects from state-run companies totalling nearly $11.67 billion, accounting for 52.8 per cent of the total.

Vietnamese giants such as FPT Corporation, Petrovietnam, Viettel, and Vingroup are among the active investors in overseas markets. They have announced major projects in a bid to extend their reach internationally.

Vietnam’s overseas investment reaches nearly 398.3 million USD in nine months

Vietnamese enterprises have invested over 347.3 million USD in 80 new projects in the first nine months of 2022, rising 2.31-fold year on year, according to the Ministry of Planning and Investment.

The pitfalls in luring new investment from overseas

With more than 36,000 projects implemented, over $442 billion invested, and millions of jobs created, foreign investment has made a significant contribution to the impressive socioeconomic development of Vietnam over the past three decades.