Investor-friendly policies, along with tax breaks and emerging industrial hubs beyond Hanoi and Ho Chi Minh City, have made Vietnam an attractive destination for foreign investors who are looking for sustainable long-term growth prospects.

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The news site Vietnam Briefing, developed by Dezan Shira & Associates - a pan-Asia, multi-disciplinary professional services firm, recently wrote that Vietnam’s FDI landscape in 2024 is poised for robust expansion, with several opportunities in these above-mentioned sectors.

It quoted Vietnam’s Foreign Trade Agency as saying that the country experienced a surge in FDI in January and February, recording an influx of over 4.29 billion USD, marking a significant increase of 38.6% compared to the previous year.

The FDI capital disbursed in the first two months amounted to 2.8 billion USD, up 9.8% year-on-year.

Attracting the most were Hanoi, Quang Ninh, Thai Nguyen, Ba Ria – Vung Tau, Bac Ninh, Dong Nai, Bac Giang, Ho Chi Minh City, Hai Phong, and Hung Yen. These 10 localities accounted for 81.7% of the foreign investment received during January-February. Out of them, Hanoi capital city led the pack with nearly 914.4 million USD, which was up 24.4 times that recorded in the same period in 2023.

According to the news site, this year, Vietnam presents investment prospects across multiple frontier industries. The technology industry is experiencing a great deal of innovation and digitalisation. Similarly, the renewable energy sector is gaining traction, with a rising focus on clean energy sources like solar and wind power to sustainably bolster Vietnam’s power supply. Moreover, there is great anticipation regarding the demand-driven growth of the med-tech field and other healthcare-related industries.

Meanwhile, in its article titled “Vietnam ‘has been a development success story’: World Bank,” the US-based Washington Examiner website wrote: “While economic freedom is declining around the world, Vietnam is bucking the general trend. The country still has a lot of work to do to join the ranks of economically free countries, but it is moving in the right direction. No other country of comparable size has made such strong gains in the Index of Economic Freedom in recent decades.”

“Growth in Vietnam no longer revolves solely around agriculture as it has positioned itself in high-tech fields, including Industry 4.0, semiconductor chips, AI, and hydrogen, and is attracting international capital. Foreign direct investment amounted to 36.6 billion USD in 2023,” it added.

The New York-based Nasdaq Stock Market assessed that Vietnam's growing economy not only brings benefits to its people but also brings profitable opportunities to investors in many fields, typically technology and textiles. The country's economic growth momentum is also boosted by its capacity to attract FDI.

Bright prospects for FDI attraction in 2024

With a series of cooperation document signing and investment licencing for foreign investors right from the beginning of the year, Vietnam expects impressive results in attracting foreign direct investment (FDI) this year.

Vietnam sees nearly 39% increase in FDI capital in two months

FDI capital in the first two months of the year has focused heavily on provinces and cities that possess many advantages in attracting foreign investment.

Many FDI enterprises need to recruit workers

BAC GIANG – The businesses, especially enterprises with foreign direct investment (FDI) operating at the industrial parks of Bac Giang province continue maintaining a good growth rate, many are investing to expand the production and wishing to recruit more workers, reported the provincial Industrial Park Management Board.

Vietnam's FDI forecast to remain strong through 2024

The year 2024 continues to look good for Vietnam’s foreign investment attraction, as right from the beginning of this year, the country has attracted a host of projects.

Vietnam attracts over 2.36 billion USD in FDI in first month of 2024

Vietnam had attracted more than 2.36 billion USD in foreign direct investment (FDI) as of January 20, an increase of 40.2% over the same period in 2023, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Source: VNA