WB: Vietnam Remains Attractive Destination For Foreign Investors

In the first 4 months of 2024, Vietnam attracted US$9.27 billion of FDI capital, an increase of 4.5% compared to the same period in 2023 with US$8.88 billion.

According to socio-economic data for the first four months of the year announced by the General Statistics Office, attracting foreign direct investment (FDI) is still a bright spot in Vietnam's economic picture.

Total registered FDI capital and disbursed FDI both increased compared to the same period in 2023. In particular, newly registered FDI capital increased by more than 73% over the same period in 2023.

Specifically, in the first four months of 2024, Vietnam attracted US$9.27 billion of FDI capital, an increase of 4.5% compared to the same period in 2023 with US$8.88 billion.

The results of FDI attraction in the first four months of 2024 are still lower than the four months of 2020, 2021, and 2022 with US$12.33 billion, US$12.25 billion, and US$10.81 billion respectively.

However, disbursed FDI capital in the first four months of the year had a record increase in the last five years with US$6.28 billion, higher than the same period in the first four months of the period from 2020-2023 with US$5.15 billion, US$5.50 billion, US$5.92 billion and US$5.85 billion respectively.

This is the "bright spot" in attracting FDI in the first four months of Vietnam. According to economic experts, disbursed FDI capital is the "measure" of the effectiveness of foreign capital flows.

Another bright spot in the FDI picture in the first four months of 2024 is that there are 966 newly licensed FDI projects, with a total registered capital of US$7.11 billion, an increase of 28.8% over the same period in the number of projects and an increase of 73.2% in registered capital.

In particular, the processing and manufacturing industry is the industry with the most new licenses with nearly US$5 billion, accounting for nearly 70.2% of the total newly registered FDI capital.

Assessing the results of FDI attraction in the first months of 2024, Phi Thi Huong Nga, Director of Industry and Construction Statistics Department (General Statistics Office) said that the results of attracting registered FDI capital have affirmed investors' confidence in Vietnam's investment environment. They continue to make new investment decisions and invest in expanding existing projects in Vietnam.

She said the result of attracting FDI is due to the improved and attractive investment environment with outstanding advantages that Vietnam has. FDI is one of the bright spots contributing to positive economic results in the first months of 2024.

Prioritize attracting FDI into high-tech industries and fields

The results of FDI attraction in the first months of the year show that "Vietnam will still be an attractive destination for foreign investors," said Dorsati Madani, senior economist of the World Bank.

She said that Vietnam plays an important role in the global supply chain.

However, looking at the medium term, to attract foreign investors in a sustainable way, Vietnam needs to promote attracting investment in innovation, and new ideas as inputs to the production process, thereby promoting added value to the economy.

According to the Ministry of Planning and Investment, to attract sustainable FDI, in the coming time, Vietnam will continue to perfect institutions and policies on foreign investment cooperation that are highly competitive and internationally integrated.

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