Top 8 FDI Destinations in Viet Nam During Jan-July

The northern province of Bac Ninh became the most attractive destination for foreign direct investment (FDI) in Viet Nam during January-July this year.

In July, foreign investors poured US$3.2 billion in Bac Ninh province, making up 17.8 percent of the nation's total FDI capital.

In seven months, the norhern locality attracted 244 new FDI projects with a total registered capital worth US$1.102 billion, mainly from China (157 projects), Hong Kong (30 projects) and Singapore (23 projects).

Foreign investors also increased investment capital by US$1.526 billion in the existing projects.

Remarkably, the Amkor Group recently obtained an amended investment certificate to boost its investment by an additional US$1.07 billion for its semiconductor project in Bac Ninh. This decision has propelled the total investment in the Amkor project to US$1.6 billion, a staggering 11 years ahead of schedule.

So far, the locality is home to 2,347 valid projects with accumulative capital of US$26.673 billion.

During the reviewed period, the northern province of Quang Ninh was the runner-up in FDI attraction with US$1.56 billion, making up 8.7 percent.

Foxconn, the Taiwan-based supplier to Apple, was licensed to invest about US$551 million in two new projects in Quang Ninh.

The company has been granted a license for a US$264 million project in Song Khoai Amata Industrial Park to produce smart entertainment products, with designed capacity of about 4.2 million units per year.

It has also been permitted to invest in a US$287 million project in Bac Tien Phong Industrial Park to make smart-system equipment.

The two new projects bring the total investment pledged by Foxconn in the province to about US$1 billion.

The southern metropolis Ho Chi Minh City ranked third with the total registered FDI capital of nearly US$1.55 billion, accounting for 8.6 percent.

The city took the lead in the country in both the number of new projects, and capital contribution and share purchase.

The southern province of Ba Ria-Vung Tau came fourth by luring US$1.54 billion in foreign investment.

Meanwhile Ha Noi, Viet Nam's capital was ranked fifth, receiving a little over US$1.38 billion in FDI, a year-on-year increase of 65 percent.

Of the figure, newly-registered capital hit US$1.1 billion while adjusted capital was valued at US$138 million.

It was followed by the northern city of Hai Phong with US$1.37 billion, the southern provinces of Binh Duong and Dong Nai with US$1.07 billion and US$1.02 billion, respectively.

As of July 20, 2024, the combined total of newly registered capital, adjusted capital, and capital contributions and share purchases by foreign investors surpassed US$18 billion, up 10.9 percent compared to the same period last year.

The disbursed investment was recorded at over US$12.5 billion, up 8.4 percent as compared to the same time last year.

Registering US$6.52 billion, Singapore was the biggest investor among 91 countries and territories investing in the nation in the reviewed period, followed by China's Hong Kong, Japan, China and the Republic of Korea.

Source: VGP