Vietnam may attract 30 billion USD in FDI this year: experts

Vietnam may attract about 30 billion USD in FDI in 2021, posting a year-on-year rise of 2 percent, economists forecast, pointing to positive signs in FDI attraction in the first eight months of 2021 despite the complexities of COVID-19.

Vietnam may attract 30 billion USD in FDI this year: experts hinh anh 1

At an assembly workshop of Ford Vietnam CO., Ltd in Hai Duong province.

According to the Ministry of Planning and Investment, foreign investors channelled 19.12 billion USD into the country in January-August, equalling nearly 98 percent of the same period last year, with several multi-billion USD projects.

Singaporean investors poured over 3.1 billion USD into the Long An LNG power plants No 1 and 2 while the O Mon 2 thermal power plant in Can Tho city invested by Japan received 1.31 billion USD in the period. The LG Display project in Hai Phong city has received additional investment twice this year, with 750 million USD in February and 1.4 billion USD in August.

Despite social distancing measures to curb the spread of COVID-19, the country’s FDI inflow in the first eight months only saw a slight decline of 2.1 percent against the same period last year, said Nguyen Van Toan, deputy head of the Vietnam’s Association of Foreign Invested Enterprises.

Of note, new registered capital surged 16.3 percent and disbursement of FDI capital hit 11.58 billion USD, up 2 percent.

 

Speaking with Cong Thuong (Industry and Trade) newspaper, Phan Huu Thang, former head of the Vietnam Trade Promotion Agency (Vietrade) at the Ministry of Industry and Trade, voiced his belief that FDI inflow into Vietnam may still reach about 30 billion USD this year.

To address current difficulties facing foreign investors when they want to enter the country to study investment possibilities or to implement investment projects, the Government and relevant ministries and agencies are urged to consider reducing quarantine period for those who have been fully vaccinated and hold a negative COVID-19 testing certificate.

In the first eight months of this year, , Vietnam attracted investors from 92 countries and territories. Singapore was the leading investor with registered capital exceeding 6.2 billion USD, or 32.5 percent of the total FDI inflow./.

Source: VNA

 
 

Other News

.
Where is Vietnam in the technology industry and global supply chain?
Where is Vietnam in the technology industry and global supply chain?
FEATUREicon  16/10/2021 

At the talks “Why Vietnam” held recently by the Ministry of Information and Communications, experts affirmed the significant role and position of Vietnam in the technology industry as well as global supply chains.

US awards grant to local firm to construct energy storage system
US awards grant to local firm to construct energy storage system
BUSINESSicon  16/10/2021 

The US Consulate General in HCM City on October 15 awarded a 2.96 million USD grant to AMI AC Renewables to construct a battery energy storage system pilot project in Vietnam.

Vietnam’s electric vehicle index announced for first time
Vietnam’s electric vehicle index announced for first time
BUSINESSicon  15/10/2021 

Vietnam’s electric vehicle index (EVI) has been announced for the first time, aiming to help enterprises in the value chain make decisions on production and business.

Remittances steady as lenders apply fresh transfer services
Remittances steady as lenders apply fresh transfer services
BUSINESSicon  15/10/2021 

Remittance flows from Vietnamese expatriates working abroad are predicted to remain resilient throughout the rest of the year, with the country’s central bank keeping its policy steady for now.

Haiphong to build free trade zone
Haiphong to build free trade zone
BUSINESSicon  15/10/2021 

The northern port city of Haiphong envisions setting up an inner-city free trade zone to drastically accelerate the city’s development.

Next six months vital for economic recovery: experts
Next six months vital for economic recovery: experts
BUSINESSicon  15/10/2021 

PM Pham Minh Chinh has chaired a webinar discussing Vietnam's measures in boosting post-pandemic economic recovery, adapting to the COVID-19 pandemic, overcoming economic disruption and strengthening locality-to-locality connectivity.

Govt projects GDP growth at 6%-6.5% next year
Govt projects GDP growth at 6%-6.5% next year
BUSINESSicon  15/10/2021 

The Government has targeted the country’s gross domestic product (GDP) growth at 6%-6.5% in 2022 despite the lingering challenges caused by the Covid-19 pandemic. 

Domestic groups move over to buyer’s side in M&A deals
Domestic groups move over to buyer’s side in M&A deals
BUSINESSicon  15/10/2021 

Vietnamese groups are becoming more active in acquiring other businesses, while overseas investors are seeing themselves hindered amid continued travel restrictions.

Bad debt trading platform to start operation
Bad debt trading platform to start operation
BUSINESSicon  15/10/2021 

The bad debt trading floor of Vietnam Asset Management Company (VAMC) is set to begin operation today (October 15).

More than $10 billion per year to develop the power sources and grid in the 2021-2030 period
More than $10 billion per year to develop the power sources and grid in the 2021-2030 period
BUSINESSicon  15/10/2021 

The demand for investment capital for the development of power sources and grids averages US$10-11.5 billion per year by 2030.

IMF forecasts Vietnam's GDP to see highest growth in ASEAN 5 group
IMF forecasts Vietnam's GDP to see highest growth in ASEAN 5 group
BUSINESSicon  15/10/2021 

The International Monetary Fund (IMF) has forecast Vietnam’s GDP to grow at around 3.8% this year, higher than that of its regional peers, Malaysia, Thailand, the Philippines, and Indonesia.

VIETNAM BUSINESS NEWS OCTOBER 15
VIETNAM BUSINESS NEWS OCTOBER 15
BUSINESSicon  15/10/2021 

MoIT vows support for Samsung, suppliers to maintain supply chain

One-year EVFTA: major European investors pour billions of dollars into Vietnam
One-year EVFTA: major European investors pour billions of dollars into Vietnam
BUSINESSicon  15/10/2021 

The Government has reported to the National Assembly about the implementation of EVFTA (EU-Vietnam FTA) over the last year.

VN reports public debt reaches VND3.7 quadrillion, plans to borrow VND571 billion next year
VN reports public debt reaches VND3.7 quadrillion, plans to borrow VND571 billion next year
BUSINESSicon  15/10/2021 

The Government’s report says that if the GDP in 2021 is below expectations, this will affect state budget overexpenditures as well as the national public debt and foreign debt safety indexes.

Real estate market: regulations inconsistent, market in deadlock
Real estate market: regulations inconsistent, market in deadlock
FEATUREicon  15/10/2021 

Real estate firms are looking forward to a new document to settling legal bottlenecks which have caused the property market to come to a standstill for the last two years.

VN businesses prepare to weather the storms of Covid, adapt to new normal
VN businesses prepare to weather the storms of Covid, adapt to new normal
FEATUREicon  15/10/2021 

All businesses have to struggle hard to survive the pandemic. However, they are keeping calm and optimistic, because the ‘alluvium will come after the floods’.

Curbs fail to faze South Korean M&A
Curbs fail to faze South Korean M&A
BUSINESSicon  14/10/2021 

According to data from MergerMarket, which is a business development tool designed specifically for the M&A sector, South Korean investors have carried out 69 M&A deals in Vietnam since 2005, with a total value of $5.1 billion.

Inconsistencies deter power plan feasibility
Inconsistencies deter power plan feasibility
BUSINESSicon  14/10/2021 

Power source development in recent years has been at odds with load distribution, and many coal-fired power plants expected to operate in the last five years are behind schedule.

Vietnam vows to stamp out unregulated fishing
Vietnam vows to stamp out unregulated fishing
BUSINESSicon  14/10/2021 

The Vietnamese government is doing its utmost to prevent illegal, unreported, and unregulated fishing practices, helped along by moves in Europe to remove warnings on the country’s activities.

Gigantic lifeline en route for essential businesses
Gigantic lifeline en route for essential businesses
BUSINESSicon  14/10/2021 

In a bid to help the country recover after the economy grew at a very low level in the third quarter, a huge financial support package is to be offered to enterprises whose performance is a backbone of economic growth.

 
 
 
Leave your comment on an article

OR QUICK LOGIN