Vietnam achieved robust results in foreign investment attraction for the entirety of 2023, driven by initiatives to enhance the domestic investment climate. Despite a relatively lackluster performance in the first half of the year, foreign direct investment (FDI) figures saw a nearly one-third increase for the entire 2023.
As reported by the Ministry of Planning and Investment, the registered FDI reached $36.61 billion as of December 20, marking a substantial 32.1% year-on-year increase. Realized FDI experienced a 3.5% boost from the previous year, reaching a record level of $23.18 billion.
Notably, newly registered capital soared by 62% year-on-year, totaling $20.2 billion. The number of newly registered projects increased by 56.6%, totaling 3,188. Meanwhile, over 1,260 projects (up 14% year-on-year) attracted investment capital, with a total additional capital of $7.88 billion, down by 22.1%.
The value of capital contribution and share purchase deals, with a total number exceeding 3,450, surged by 65.7% to reach $8.5 billion.
These outcomes stem from concerted efforts in investment promotion activities at the central level. Minister of Planning and Investment Nguyen Chi Dung, during his business trips to other countries, actively engages in direct investment promotion by visiting the headquarters of major companies.
Minister Dung emphasized the fierce global competition for investment capital and stressed the importance of close collaboration with investors and projects. He highlighted the need for proactive investment promotion to encourage foreign investors to make timely decisions, seizing opportunities.
During Prime Minister Chinh’s trip to the United States in September, numerous bilateral and investment promotion activities occurred, resulting in several cooperation agreements with U.S. tech giants. The PM’s visit to semiconductor company Nvidia’s headquarters led to an invitation extended to its president, Jensen Huang, to visit Vietnam. Less than three months later, Huang arrived, opening a new chapter in cooperation with Vietnam in AI and semiconductors, and expressing plans to establish a legal entity in Vietnam soon.
At the local level, many regions are focusing on administrative procedure reforms to enhance the business and investment environment’s quality, ensure healthy competitiveness, and promote transparency. Notably, localities are dedicated to reducing processing times, simplifying dossier components, and standardizing administrative procedures directly related to investment and business activities.
Thanks to these efforts and initiatives, many localities have successfully attracted major foreign investors to establish manufacturing hubs. In 2023, Nghe An, Hai Duong, and Thai Binh provinces each surpassed $1 billion in investment, marking a significant milestone.