Aerial view Ho Chi Minh City, Vietnam’s largest city and financial centre. Credits: R.M. Nunes/Shutterstock.

Vietnam attracted $2.36bn in foreign direct investment (FDI) inflows as of 20 January, marking a 40% year-to-year increase from the same month last year.

According to the Foreign Investment Agency, cited by Vietnam+, the government granted registration certificates to 190 new projects. The registered capital hit $2bn, or 67% higher than in January 2023.

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In addition, investors from 39 countries and territories announced projects in Vietnam since the beginning of the year. Singaporean businesses took the lead, with over $1.4bn in FDI inflows, or 59.3% of the total investment capital spent in Vietnam.

The rise in the capital this month is mostly due to an increase in the number of projects coupled with multiple large-scale projects announced by Western companies looking to explore options other than China.

On 23 September, Japanese tech company Kyocera Document Solutions announced plans to invest $237m to expand its machine and equipment factory in Hai Phong, 120km east of Vietnam’s capital, Hanoi.

News about higher FDI inflows in January comes after, last year, Vietnamese officials reported a surge of 54% in FDI between 1 January and 20 October 2023, hitting $15.29bn.

Around $5.29bn of the total was spent on 1,051 existing projects. Separately, despite capital decreasing by 39%, project numbers rose 19.4% from January to October 2022, indicating investors are confident in Vietnam’s investment climate. According to official data, foreign investors spend more than $5.13bn on shares of domestic companies through 2,836 transactions.