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Foreign investment surges in Vietnam as companies plan new factories

HANOI: Foreign investment in Vietnam surged in October as the manufacturing hub attracted more than double the financial pledges it has received monthly this year, amid a big boost in spending for new plants, official data showed on Friday (Oct 27).

So far in October, the Southeast Asian country has received foreign investment commitments worth US$5.3 billion, against a monthly average of US$2.2 billion in the rest of the year.

Around 90 per cent of the October inflows were driven by plans to build factories, according to the data from Vietnam’s investment ministry.

Since the start of the year, the country has received foreign investment commitments worth $25.76 billion, 14.7 per cent higher than in the same period last year.

Three-quarters of them went to the manufacturing and processing industry.

Pledges from China and Hong Kong combined were the highest so far this year, followed by Singapore and South Korea.

The actual investment in the first ten months of 2023 rose 2.4 per cent from the same period a year earlier to US$18 billion, the data showed.

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