Annual Foreign Investment Goals Already Set
In the first eight months of this year, Bac Giang province exceeded its annual foreign direct investment (FDI) target by attracting $1.62 billion. This surpassed the expected figure of $1.3 billion for the entire year. The province approved 59 newly registered projects with a total worth of $1.26 billion, marking a 4.7-fold increase compared to the same period in 2022. The significant boost in investment is attributed to large-scale projects by Foxconn, including the $270 million Fukang technology factory and the $621 million Fulian precision technology factory.
Nghe An province in the central region is also experiencing a surge in foreign investment. The province is preparing to license two projects with a total registered capital of $153 million, aiming to reach the $1 billion mark for the year, double the initial target. From January to August, Nghe An province already attracted $890 million in FDI.
Hanoi ranked first in attracting FDI, with a total registered capital of $2.34 billion, accounting for 12.9% of the country’s capital inflow, nearly tripling the amount from the previous year. Haiphong followed with $2.08 billion, a 72% increase year-on-year, while Ho Chi Minh City, Bac Giang, and Binh Duong provinces also saw substantial growth in FDI.
Overall, Vietnam experienced an increase in investment capital inflows, with close to $18.15 billion in FDI from the beginning of the year until August 20, representing an 8.2% growth. During this period, over 1,920 newly registered projects were recorded, with a combined capital of $8.87 billion, a significant increase compared to the same period last year.
The improvement in administrative procedures played a crucial role in attracting investment to these localities. Bac Giang province, for instance, established task forces to support foreign investors in completing administrative procedures and resolving any difficulties promptly. Nghe An province also focused on streamlining internal administrative procedures and reducing compliance costs to enhance the efficiency of administrative processes and build trust among foreign investors.
Customs procedures were also a point of emphasis for Nghe An province, as it is home to several large investors in electronic equipment production and exports. The province’s customs department plans to implement IT software and digital transformation strategies to improve efficiency, quality of customs control, and support businesses, ultimately reducing costs and time for businesses and boosting production and exports.