Foreign investment into Vietnamese startups is predicted to increase although the COVID-19 pandemic has left a negative impact on the economy, according to experts.

Following directions of the Government, the Ministry of Industry and Trade has coordinated with relevant ministries, sectors and agencies to implement measures to improve the competitiveness of businesses operating in supporting industry, thus promoting the growth of the sector.

Businesses are bearing severe impacts from COVID-19 developments and social distancing campaigns.

Vietnam reeled in more than US$19 billion from FDI attraction in the first eight months of this year, according to the Ministry of Planning and Investment.

The LG Display Vietnam Hai Phong Co. Ltd., has recently raised its investment by US$1.4 billion, bringing the total investment of the entire project to US$4.65 billion.

Vietnam is likely to remain foreign investors’ favoured destination despite the COVID-19 resurgence ravaging across the country, The Australia Financial Review (ARF) said recently.

VOV.VN - The first eight month of the year saw Vietnam suffer trade deficit of US$3.71 billion, including US$20.36 billion from the domestic economic sector, according to figures provided by the General Statistics Office (GSO).

The medical devices sector is one of Vietnam’s most promising for foreign investment due to its rapid economic development and rising demand for medical care, according to Madan Mohan Sethi, Consul General of India in Ho Chi Minh City.

Vietnam’s electronics industry is still growing despite the impact of the COVID-19 pandemic, said an article published on newswire entrepreneur.com.

While Vietnamese enterprises have made many changes to adapt to difficulties caused by the COVID-19 pandemic, the rigid application of pandemic prevention and control measures might drive away foreign investment from Vietnam, experts have warned.