Ho Chi Minh City attracted US$2.97 billion in foreign direct investment (FDI) this year to September 20, a year-on-year increase of 26.1 percent, according to the municipal Department of Planning and Investment.
Vietnam has a “golden chance” to attract a new wave of foreign investment, especially to economic zones (EZs) and industrial parks (IPs), according to Deputy Minister of Planning and Investment Tran Quoc Phuong.
As the global economy is experiencing severe instability, Vietnam is advised to find ways to minimize its dependance on imported materials while diversifying material purchase sources and trying to buy from domestic producers instead.
President Nguyen Xuan Phuc welcomed Lotte Group’s investment of nearly US$5 billion in Vietnam and suggested the Republic of Korea’s conglomerate further invest in Vietnam’s large projects, while hosting Lotte Chairman Shin Dong-bin in Hanoi on August 31.
All the bi-lateral and multi-lateral Free Trade Agreements (FTAs), along with the Regional Comprehensive Economic Partnership (RCEP) which came into effect on 1 January 2022, have helped in opening up the Vietnamese market to the world.
FDI disbursement in Vietnam reached US$11.57 billion in the first seven months of this year, up 10.2 percent compared to the same period last year and over 1.3 percentage points against the first half of this year.
Vietnam’s process manufacturing sector has to date attracted US$252 billion in foreign direct investment (FDI), accounting for nearly 60 percent of the total foreign capital poured into the Southeast Asian country.