As of September 20, Viet Nam attracted nearly US$20.21 billion in foreign direct investment, representing a year-on-year increase of 7.7 percent, the Foreign Investment Agency reported Wednesday.
An array of investor-friendly attributes are turning Viet Nam into one of Southeast Asia’s most powerful magnets for foreign direct investment (FDI).
The industrial zones (IZs) in Vinh Phuc province attracted substantial investment in the first eight months of 2023, demonstrating their strong performance.
With the presence and successful investment of world-leading investors such as Honda and Toyota, Vinh Phuc has become one of the automobile and motorbike production centers in the northern key economic region and Vietnam.
As a key driver of socio-economic development and investment attraction, administrative procedure reform has been prioritized by Kon Tum province, which has implemented comprehensive solutions to enhance the quality of management and administration, expedite administrative procedures, and satisfy the needs of the local people.
Ha Giang province pays special attention to and firmly directs investment attraction, especially for agriculture, tourism and trade. Investment promotion has been carried out with radical, practical solutions and specific, transparent incentive policies.
Shandong HaoHua Tire invested US$500 million to build a rubber tire factory project on 43 ha in Minh Hung Sikico Industrial Park, Binh Phuoc province.
An Giang province has been successful in attracting numerous investment projects, thanks to its attractive investment policy. However, the province is facing challenges due to the global economic slowdown and legal issues, which are causing hindrances and delays in many projects.
Vinh Phuc’s key industries such as automobile and motorbike have experienced a decline in investment flows due to global and domestic economic slowdown. However, the electronics industry has maintained its growth momentum and made considerable contributions to the province’s overall growth in the first six months of 2023.
During the State visit of President Vo Van Thuong to the Italian Republic, the delegation of Vinh Phuc province, led by Secretary of the Provincial Party Committee Hoang Thi Thuy Lan, conducted investment promotion events in Italy. As part of these events, Vinh Phuc province and the Tuscany region signed a memorandum of understanding (MoU) on friendly cooperation.
The International Finance Corporation (IFC)’s total commitments in Viet Nam reached close to US$1.9 billion in the fiscal year 2023, of which US$520 million was long-term finance.
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