fbpx

Type to search

Vietnam Sees Foreign Investment Double in Factory Build Boom

Three-quarters of the money went into manufacturing and processing with the cash coming from China, Singapore and South Korea


Shipping containers are seen at a port in Hai Phong city, Vietnam July 12, 2018. REUTERS/Kham/File photo Acquire Licensing Rights
Shipping containers are seen at a port in Hai Phong city, Vietnam, on July 12, 2018. Photo: Reuters

 

Vietnam secured more than double its monthly average of foreign investment in October, with money from China and Hong Kong leading the surge.

Foreign investment has soared as the manufacturing hub attracted a host of financial pledges, amid a big boost in spending for new plants, official data showed on Friday.

So far in October, the Southeast Asian country has received foreign investment commitments worth $5.3 billion, against a monthly average of $2.2 billion in the rest of the year.

 

Also on AF: Asia Economies Warned High Inflation to Persist Into Late 2024

 

Around 90% of the October inflows were driven by plans to build factories, according to the data from Vietnam’s investment ministry.

Since the start of the year, the country has received foreign investment commitments worth $25.76 billion, 14.7% higher than in the same period last year.

Three-quarters of them went to the manufacturing and processing industry. Pledges from China and Hong Kong combined were the highest so far this year, followed by Singapore and South Korea.

The actual investment in the first ten months of 2023 rose 2.4% from the same period a year earlier to $18 billion, the data showed.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Vietnam Tried to Hack US Lawmakers, CNN Reporters’ Phones – WP

China’s Trina Solar Eyeing Third Vietnam Plant After US Sanctions

Vietnam to Restart Giant Rare Earths Mine in Bid to Rival China

Seeking China Hedge, Top US Chip Firms to Join Biden in Vietnam

 

 

Tags:

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.