Foreign investment in Vietnam up 1.1% in 10 months

Vietnam remains a safe and attractive destination for foreign investors despite complicated developments of the COVID-19 pandemic.

According to a report from the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, foreign investors registered to pump US$23.74 billion into Vietnam during the first 10 months of 2021, surging 1.1% over the same period last year.

Of the sum, over US$13 billion was injected into newly-licensed projects, up 11.6% year-on-year, while the remainder of over US$7.09 billion came to operating projects, up 24.2%.

The agency attributed the slight increase in foreign direct investment compared to the same period last year to the country’s selective investment policy which focuses on large-scale projects with added value.

The travel restrictions and quarantine policy also influenced the decision-making of foreign investors.

However, according to economic experts, a 1.1% year-on-year increase in registered FDI capital in 10 months is still considered a "bright spot" of the economy given that the complicated situation of the COVID-19 pandemic in Vietnam from the end of April this year.

Talking about Vietnam's prospects for attracting FDI, Warrick Cleine – Chairman and CEO of KPMG in Vietnam and Cambodia said that Vietnam created both macroeconomic and social stability which would encourage more investment as investors love the safe and predictable business environment.

Vietnam’s other advantage was the economic growth and the government’s engagement with the global community, he said.

Alain Cany, chairman of the European Chamber of Commerce said that Vietnam was a promising market for foreign businesses in many fields from car imports to private education.

In addition, the country also has a lot of potential for production and export. Thus, he recommended foreign businesses continue including Vietnam in their investment plans.

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