Vietnam: Foreign Investment in the First 11 Months of 2023

Vietnam: Foreign Investment in the First 11 Months of 2023

The total registered capital for new, adjusted, and contributed capital for share purchases by foreign investors as of November 20, 2023, reached $28.85 billion, an increase of 14.8% compared to the same period in 2022. Specifically:

  1. Newly Registered Capital: 2,865 new projects issued investment registration certificates, an increase of 58.1% compared to the same period in 2022. The total newly registered capital is $16.41 billion, a 42.4% increase from the previous year.
  2. Adjusted Capital: There are 1,152 projects with registered capital adjustments, an increase of 15.9% compared to the previous year, with a total registered capital of $6.47 billion, a decrease of 32.1% from the same period last year.
  3. Capital Contribution and Share Purchase: The number of projects in which foreign investors contributed capital or purchased shares reached 3,166, with a total capital contribution value of $5.97 billion, an increase of 46.4% compared to the same period last year, accounting for 20.7% of the total registered capital for new, adjusted, and contributed capital for share purchases by foreign investors in the 11 months of 2023. This includes 1,258 projects contributing capital or purchasing shares to increase charter capital with a value of $2.31 billion and 1,908 projects contributing capital or purchasing shares in which foreign investors repurchased domestic shares without increasing charter capital, with a total capital contribution value of $3.65 billion.

While attracting foreign investment has shown positive signs this year, to attract high-quality FDI in the future, Vietnam needs to implement effective solutions. These include:

  1. Improving Planning Quality: Enhance the quality and efficiency of planning work, aligning it with economic restructuring and innovative growth models. Review, adjust, supplement, and establish new plans for economic and social development, sectoral planning, construction planning, and land use planning in a coordinated and unified manner. Focus on utilizing the potential advantages and resources of the city, linked to economic restructuring and innovative growth models, particularly completing the comprehensive development plan for the city by 2030.
  2. Strategic Investment Direction: Clearly define the city’s investment attraction direction for each period. Develop an investment attraction program for the city for the 2015-2020 period with a vision to 2030. Focus on attracting FDI in four major directions: quality, efficiency, sustainable development, and commitments to technology transfer and skilled labor. Concentrate ODA on major economic and social infrastructure projects and urban infrastructure. Domestic capital should target large corporations investing in the city’s key industries, urban infrastructure, commerce, tourism, and social areas, attracting investment in high-value-added sectors, both from large and small investors suitable for each sector and region. Develop specialized industrial zones with production chain linkage. Emphasize social investment in education, training, vocational training, healthcare, culture, and sports, and encourage public-private partnerships.
  3. Enhancing Investment Promotion Methods: Research the model of the city-level Investment Promotion Steering Committee and the Investment Promotion, Trade, and Tourism Promotion Center. Publicize investment plans and procedures through various channels. Provide timely, accurate economic and social information, planning, and the city’s investment attraction direction to investors. Promote investment professionally, be proactive, focus on the city’s needs and reality, and engage directly with corporations, partners, markets, and specific products. Strengthen collaboration with the investment promotion centers under the Ministry of Planning and Investment, industry associations, national and international organizations, Vietnam’s diplomatic missions abroad, mass media agencies, and businesses.
  4. Administrative Reform: Continue administrative reform, improve the investment and business environment, and truly transform the quality of relationships between administrative agencies and businesses, and citizens. Encourage all economic entities to participate in investment, enhance the professional capacity and sense of responsibility of officials and public servants in serving businesses and investors, strengthen coordination among departments and sectors to support investors, and actively research and propose improvements to investment and business procedures. Simultaneously, intensify post-investment supervision, decisively recover “suspended” projects, projects with slow implementation, and those not adhering to committed schedules, support enterprises, and create favorable conditions for them to access resources, stand by investors in solving administrative procedure difficulties and emerging issues in business activities.
  5. Infrastructure and Human Resource Development: Focus on investing, upgrading, and modernizing the comprehensive infrastructure system, and enhance the quality of the workforce. Upgrade and expand the transportation infrastructure, ensuring coordinated connectivity between transportation methods. Actively coordinate with central ministries and sectors to accelerate major transportation projects in the city.
  6. Enhancing the Ability to Attract and Improve the Effectiveness of Public Investment: Concentrate on investing in and upgrading the synchronized, modernized infrastructure system and improving the quality of human resources. Implement the Public Investment Law effectively, improving investment efficiency by tightly controlling the investment process, and enhancing the professional competence of investors, and consulting agencies.

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