Vietnam Attracts Over $24.78 Billion in Foreign Investment by September
Hanoi, The Gulf Observer: As of September 30, Vietnam’s total registered foreign investment surpassed US$24.78 billion, marking an 11.6% increase compared to the same period last year, according to data from the Foreign Investment Agency under the Ministry of Planning and Investment. This figure includes new capital, capital adjustments, and capital contributions via share purchases.
In September alone, foreign capital inflows reached nearly $4.26 billion, the highest monthly figure this year, accounting for 17.2% of the total for the first nine months of 2024. A significant portion of these investments was directed towards large-scale projects in key industries such as semiconductors, energy, electronic components, and high-value-added products.
Foreign investors funneled capital into 18 out of 21 economic sectors, with manufacturing and processing leading the way, attracting close to $15.64 billion, which represents 63.1% of the total registered capital. Despite leading the sectors, this represents a slight 0.4% decrease compared to last year. The real estate sector followed closely, pulling in over $4.38 billion or 17.7% of the total, nearly double the figure for the same period in 2023.
The electricity production and distribution sector, along with wholesale and retail, also received notable investments, drawing in approximately $1.12 billion and $920 million, respectively. Wholesale and retail stood out by leading the number of new projects, comprising 35% of the total.
By the end of September, 98 countries and territories had invested in Vietnam, with Singapore topping the list with $7.35 billion, followed by China with over $3.2 billion. Other prominent investors included the Republic of Korea, Hong Kong (China), and Japan. Notably, China accounted for 29.3% of new projects, while the Republic of Korea led in capital adjustments (23.9%) and share purchases (25.6%).
In terms of geographic distribution, foreign capital was spread across 55 provinces and cities, with the northern province of Bắc Ninh receiving the largest share of $4.5 billion, a 3.47-fold increase compared to the same period last year.
The foreign-invested sector also played a major role in Vietnam’s export performance, with its export turnover, including crude oil, estimated at over $217.4 billion in the first nine months, up 14.1% year-on-year. This accounted for 72.1% of the country’s total export revenue. The sector achieved a trade surplus of nearly $38 billion, or $36.5 billion excluding crude oil, helping to offset the domestic sector’s trade deficit of nearly $18.2 billion, resulting in an overall trade surplus of approximately $19.8 billion.
