Open door to foreign investors
According to the Ministry of Planning and Investment, the total foreign investment capital registered in Vietnam as of August 31, 2024, including newly registered capital, adjusted registered capital, and capital contribution and share purchase value of foreign investors, reached 20.52 billion USD, an increase of 7% over the same period last year.
Investment capital is concentrated in provinces and cities with many advantages in attracting foreign investment (good infrastructure, stable human resources, efforts to reform administrative procedures and dynamism in investment promotion...) such as Bac Ninh, Quang Ninh, Ho Chi Minh City, Ba Ria - Vung Tau, Hanoi, Hai Phong, Binh Duong, Dong Nai, Bac Giang, Thai Nguyen. These 10 localities alone accounted for 80.7% of new projects and 77.3% of the country's investment capital in 8 months.
The largest investment partners in the first 8 months of the year were all traditional partners of Vietnam and came from Asia such as Singapore, Japan, China, and South Korea.
The leaders of the Foreign Investment Agency assessed that the results of attracting and disbursing foreign investment capital demonstrate the attractiveness, competitiveness, position and potential of the Vietnamese market in the eyes of international investors.
At the same time, it shows the continuation of the positive trend of foreign investment activities that has been taking shape over the past several months.
Speaking to Lao Dong Newspaper, Associate Professor Dr. Dinh Trong Thinh - an economic expert - said that Vietnam currently has many opportunities to attract FDI capital. This is reflected in the fact that registered and disbursed FDI capital in Vietnam has increased sharply, even in difficult years like 2020 due to the impact of the COVID-19 pandemic. These data show that foreign investors assess that Vietnam has a favorable investment environment and good profitability.
“In particular, the factors that create attraction for foreign investors in Vietnam include a stable investment environment, a stable financial and monetary market, and efficient and profitable production and business activities of domestic enterprises. In recent times, Vietnam has signed many free trade agreements, becoming one of the fastest and strongest integrating countries in the region. The investment environment has improved and met the requirements of trade agreements,” said Associate Professor, Dr. Dinh Trong Thinh.
A stop for tech giants to invest
Currently, many companies, especially large, world-famous technology corporations, are interested in and proactively exploring conditions and opportunities to study the possibility of investing in new projects in Vietnam. Among them, the most notable are corporations that master modern technology, produce products with high intellectual content and added value.
According to the Ministry of Planning and Investment, there are currently about 13 projects on semiconductor technology, future technology, R&D Center, Innovation and Creativity Center, and high-quality human resource training with capital of tens of billions of USD that are about to be granted Investment Certificates and are being negotiated for implementation in a number of provinces and cities. Many large projects in the fields of semiconductors, energy (production of batteries, photovoltaic cells, silicon bars), manufacturing of components, electronic products, and products with high added value will receive new investment and capital expansion in the first 8 months of 2024.
Associate Professor Dr. Nguyen Thuong Lang - an economic expert - said that recently, Vietnam has received significant attention from foreign investors, attracting an increasing amount of FDI, especially in the semiconductor industry. This is consistent with Vietnam's new technology development orientation, especially the semiconductor and high-tech industry development strategy. When attracting a large amount of high-quality FDI capital into key technology industries, it will improve and approach the investment environment with leading countries such as the US, China, Singapore, etc.
“Vietnam needs to clearly define the role and position of Vietnamese enterprises in the semiconductor industry value chain, avoiding the situation of being only subcontractors for foreign corporations. It is necessary to effectively combine FDI attraction and internal development, in order to build a semiconductor industry with high added value and international competitiveness. Prioritize training high-quality human resources, capable of mastering core technologies in the semiconductor industry value chain” - Associate Professor, Dr. Nguyen Thuong Lang said.
