Singapore leads foreign direct investment in Vietnam in Jan-Feb 2023

02 Mar '23

2 min read

Pic: Shutterstock

Among the 51 countries and territories investing in Vietnam in the first two months this year, Singapore invested the highest amount—$978.4 million—making up nearly 31.6 per cent of the total registered foreign direct investment (FDI) in the country, which was down by 42.7 per cent year on year during the period, according to the ministry of planning and investment (MPI).

Taiwan ranked second with FDI worth nearly $407.1 million, accounting for 13.1 per cent of the total, and 3.85 times higher than that in the same period last year. The Netherlands ranked third with nearly $369 million, equivalent to 11.9 per cent of the total.

China led in the number of new investment projects in Vietnam, accounting for nearly 17.2 per cent, while South Korea was the leader in terms of capital adjustment (21.1 per cent) and capital contributions and share purchases (30.5 per cent), a news agency reported.

Foreign businesses invested in 39 provinces and cities nationwide during the period.

Bac Giang led the localities in attracting FDI, accounting for $824.3 million and making up 26.6 per cent of the total—up by 8.4 times over the same period in 2022. Ho Chi Minh City ranked second with 103 new projects worth $369.1 million, accounting for 11.9 per cent of the total.

The total newly-registered capital, adjusted capital and capital contribution and share purchase of foreign investors was close to $3.1 billion during the two months—down by 38 per cent year on year.

Foreign firms have poured capital into 17 out of Vietnam's 21 sectors, with the processing and manufacturing industry taking the lead with more than $2.17 billion, making up 70.1 per cent of the total.

Fibre2Fashion News Desk (DS)

More Textiles News - Vietnam...