Vietnam’s foreign direct investment (FDI) saw a significant increase of 38.6% in the first two months of 2024, reaching a total of $4.29 billion. This growth is attributed to several large-scale projects, with prominent examples being the Trina Solar Cell and Gokin Solar projects. These major investments helped boost the overall FDI inflows into the country.
The FDI distribution shows that Dong Nai province led the way, securing 27 new projects worth $439 million. This province’s strong performance highlights its importance as a key FDI destination in Vietnam. The majority of the FDI came from Asian investors, particularly from countries like Singapore, Hong Kong, Japan, China, and South Korea. These nations collectively accounted for 77% of the projects and nearly 85.5% of the total capital invested in Vietnam. This underscores the ongoing strength of traditional investment partners in the region.
In contrast, the United States contributed a much smaller portion of the total FDI, with only $3.22 million in investments across 12 projects. This reflects the relatively modest American involvement in the Vietnamese market during this period.
The overall increase in FDI is seen as a positive sign for Vietnam’s economy, indicating that foreign investors continue to find opportunities in the country, particularly in sectors like renewable energy, which is evidenced by the solar projects. Despite the global economic challenges, Vietnam remains an attractive destination for investment due to its competitive labor costs, strategic location, and growing industrial base. The government’s efforts to improve the business environment and attract foreign capital are likely contributing to these positive trends in FDI inflows.
FDI attraction up 38.6% in two months – VnExpress International
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