Vietnam received $24.78b in FDI inflows in the first three quarters of the year, marking an uptick of 11.6% for the same period in 2023, according to the country’s Foreign Investment Agency.
The government gave 2,492 investment registration certificates between January and September. FDI inflows seem to be concentrated in areas with good infrastructure, skilled human capital, efforts to streamline administrative procedures and investment promotion, according to the Ministry of Planning and Investment.
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The biggest foreign investor was Singapore, representing 29.7% of the total FDI intake with $7.35b.
Vietnam and Singapore have a close bilateral relationship and, recently, have made more concerted efforts to drive cooperation. Vietnam Singapore Industrial Parks (VSIP) is a long-standing example of this relationship. VSIP is a major industrial park developer that is a joint venture between Vietnam’s Investment and Industrial Development Corporation and Singapore’s Sembcorp Development Group which was first established in 1996.
At a September event at the Vietnamese Embassy in Singapore marking Vietnam’s 79th National Day, Singaporean Minister for Manpower Tan See Leng highlighted the close relationship between both countries.
Leng said there were currently three main focus areas for this cooperation: human resources development, economic and investment relations, and strategic partnership.
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By GlobalDataVietnam is also carving out a bigger space in the semiconductor supply chain, as US curb exports rearrange what this looks like worldwide. Last year, EU officials discussed the European Chips Act and the European Critical Raw Materials Act with Vietnamese representatives in an effort to increase cooperation. Vietnam has also been allocated $2m of seed funding for semiconductor initiatives by the US.
Infineon stepped up hiring efforts in January and Samsung recently announced a $1.8b manufacturing investment. At the recent Innovate Vietnam 2024 conference, Meta’s President of Global Affairs Nick Clegg confirmed that a line of the company’s virtual reality glasses will be produced in Vietnam.
