Real estate has emerged as the biggest recipient of foreign direct investment (FDI) in January while foreigners now also have great demand for property in Vietnam, statistics show.

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.

Numerous ventures worth hundreds of millions of USD are pouring into Vietnam, promising positive results in foreign investment mobilisation and contributing to economic growth for 2024.

During the 35-year journey of foreign direct investment (FDI) attraction, Vietnam has continously improved institutions and incentives to attract and better manage domestic and foreign investment resources.

The capital has attracted more than US$41.1 billion in foreign direct investment (FDI) to rank second in the country behind only Ho Chi Minh City in terms of FDI.

Within the framework of WEF Davos 2024, Vietnamese Prime Minister Pham Minh Chinh on January 16 presided over a panel discussion with global technology firms on cooperation to develop AI, automotive technology and semiconductor industry.

StaBOO Holdings AG, a subsidiary of BARD AG specializing in research, development and production of high-end interior products, will build a VND3,000 billion bamboo processing factory in Vietnam’s Thanh Hoa province.

Despite formidable challenges for the real estate market in 2023, industrial property market has stood out as a bright spot that has maintained its growth momentum on the back of the foreign direct investment (FDI) flow, according to insiders.

Vietnam had attracted 39,140 foreign direct investment (FDI) projects with total registered capital of over 468.91 billion USD by the end of 2023, reported the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).

Vietnam has so far attracted 1,135 foreign-invested projects in the real estate sector with a total registered capital reaching US$68.045 billion, according to data provided by the Ministry of Planning and Investment (MPI).

Of 62 percent of businesses participating in the survey rank Vietnam in their top 10 FDI destinations globally, 17 percent positioned the Southeast Asian country in the highest place.

Joseph Uddo has been elected as the new Chairman of the American Chamber of Commerce in Hanoi in 2024.

Foreign investment attraction is one of the highlights of the Vietnamese economy in the year 2023 when the world witnessed many difficulties. The arrival of technology corporations to Vietnam to explore opportunities promises a new development.

It becomes vital for Vietnam to reform investment incentives in the context of rapidly changing and complicated world, the ministry said. The international business environment and cross-border investment face challenges.

Despite failing to achieve the growth target, Vietnam is still considered a country with high growth in the region and remains to be regarded as a destination for 2024 by international investors.

VN Institute for Economic and Policy Research’s Vice President Nguyen Quoc Viet spoke on new competitive advantages for VN to remain an attractive destination for the quality and high technology capital inflow.

Vietnam attracted nearly US$36.61 billion in foreign direct investment (FDI) from January to December 20, representing an increase of 32.1% against the same period from last year, according to statistics compiled by the Foreign Investment Agency.

Of nearly 900 Japanese businesses in Vietnam, 54.3 percent of them are profitable businesses.

Deputy Prime Minister Tran Luu Quang has asked ministries, sectors and localities to promptly implement solutions to strengthen foreign investment attraction, according to a document released by the Government Office.

Localities in the southeastern region remain a magnet to foreign investors thanks to their huge potential and incentives.