Singapore leads foreign investment in Vietnam

A Vietnam Singapore Industrial Park in Binh Duong Province. Photo by VnExpress/Quynh Tran

Singapore remained the biggest foreign investor in Vietnam in the first two months of 2023, with investment of $978.4 million, down 42.7% year-on-year, the Ministry of Planning and Investment reported.

Taiwan ranked second with nearly $407.1 million, 3.85 times higher than that in the same period last year. The Netherlands came third with nearly $369 million.

The ministry said the total newly-registered capital, adjusted capital, and capital contribution and share purchase of foreign investors neared $3.1 billion, down 38% year-on-year.

Bac Giang led the localities in FDI attraction with $824.3 million, making up 26.6% of the total, up 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% of the total.

As of February 20, as many as $2.55 billion of foreign investment capital had been disbursed, a decrease of 4.9% compared to the same period last 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% of the total. It is followed by real estate with 396.9 million USD, accounting for over 12.8%.