According to the White Book 2024 published by the European Chamber of Commerce in Vietnam (EuroCham), Vietnam's business environment has improved significantly in recent times, and Vietnam's global investment attractiveness remains very strong. 63% of surveyed businesses ranked Vietnam in their top 10 FDI destinations. 31% rated Vietnam as one of the top 3 investment targets, of which 16% considered Vietnam the best investment destination.
Notably, more than half of the surveyed enterprises plan to increase foreign direct investment in Vietnam by the end of this year.
According to experts, Vietnam is considered a rising star in attracting FDI capital in the high-tech sector. (Illustration photo)
Record confidence is restored
This context makes experts believe that the expectation of the FDI record in 2023 being repeated in 2024 is very positive.
Analyzing with VTC News , economic expert - Dr. Nguyen Tri Hieu said that Vietnam is considered a rising star in attracting FDI capital in the high-tech sector, having great appeal to multinational corporations in the process of seeking investment opportunities in Asia.
Vietnam's attractiveness comes not only from its political stability, low labor cost advantage, ability to maintain macroeconomic stability in the midst of global fluctuations, and promising economic growth with a population of up to 100 million people, but is also enhanced by the great effects from outstanding results in diplomatic relations with major partners taking place in 2023.
“In 2024, many forecasts show that the world economy will be brighter, so attracting FDI capital to Vietnam will have many advantages. However, to attract “eagles” to Vietnam, we must improve investment policies, including administrative procedures, land policies, etc. to increase attractiveness. In addition, the quality of labor resources also needs to be improved," said Dr. Nguyen Tri Hieu.
Sharing the same view, Dr. Nguyen Minh Phong also said that Vietnam has many prospects and advantages in competing to attract FDI with fundamental factors such as: political stability, geographical location and infrastructure, attractive incentive policies and high growth rate; rapidly increasing population size and improving quality of human resources.
In addition, the manufacturing sector in Vietnam continues to expand, especially in high-tech sectors. In addition, Vietnam's external economic environment is improving positively.
Mr. Phong predicts that by 2024, Vietnam can continue to affirm itself as one of the attractive options in the region for foreign investors. Moreover, the breakthrough in new FDI inflows into the manufacturing sector in 2023 continues to bring much hope to Vietnam.
Mr. Phong also cited evidence: EuroCham's Business Confidence Index (BCI) in the third quarter of 2023 increased to 46.3 points in the fourth quarter of 2023, recording a trend of confidence among European businesses operating in Vietnam showing signs of recovery.
“The important thing is that we must “build nests for eagles”, in which we must build industrial parks specializing in green fields, not old-style industrial parks. At the same time, we must promote targeted investment, targeting businesses and fields that we are developing,” said Mr. Phong.
Good news at the beginning of the year
According to data from the Foreign Investment Agency, Ministry of Planning and Investment, in January 2024, total foreign investment capital reached more than 2.36 billion USD, an increase of 40.2% over the same period in 2023. Of which, newly registered investment capital increased sharply.
Specifically, in the first month of 2024, 190 new projects were granted Investment Registration Certificates, up 24.2% over the same period; total registered capital reached more than 2 billion USD, up 66.9% over the same period. The increase in the number of projects, especially large-scale projects (more than 600 million USD), is one of the main factors driving the sharp increase in foreign investment capital.
At the same time, disbursed capital was also very positive, reaching 1.48 billion USD, up 9.6% over the same period last year.
In January 2024, total foreign investment capital poured into Vietnam reached more than 2.36 billion USD, an increase of 40.2% over the same period in 2023. (Illustration photo: Industry and Trade Newspaper)
In terms of investment, foreign investors have invested in 15 out of 21 sectors of the national economy. Of which, real estate business leads with a total investment capital of over 1.27 billion USD, accounting for 53.9% of the total registered investment capital and double that of the same period; processing and manufacturing industry ranks second with a total investment capital of nearly 926 million USD, accounting for 39.2% of the total registered investment capital.
In terms of investment partners, there were 39 countries and territories investing in Vietnam in January 2024. Of which, Singapore took the lead with a total investment capital of more than 1.4 billion USD, Japan ranked second with nearly 297 million USD.
In terms of the number of projects, China is the leading partner in the number of new investment projects (accounting for nearly 19%); South Korea leads in the number of capital adjustments (accounting for 26.7%) and capital contributions to buy shares (accounting for 25.3%).
To increase FDI attraction, the Ministry of Planning and Investment said it will continue to review and adjust foreign investment policies in line with global investment trends. At the same time, localities need to continue reforming administrative procedures, especially the implementation of procedures after granting investment registration certificates.
PHAM DUY
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