Illustrative image (Photo: VNA) Investor-friendly policies, along with taxbreaks and emerging industrial hubs beyond Hanoi and Ho Chi Minh City, have madeVietnam an attractive destination for foreign investors who are looking forsustainable long-term growth prospects.
The news site Vietnam Briefing, developedby Dezan Shira & Associates - a pan-Asia, multi-disciplinary professionalservices firm, recently wrote that Vietnam’s FDI landscape in 2024 is poisedfor robust expansion, with several opportunities in these above-mentioned sectors.
It quoted Vietnam’s Foreign Trade Agency assaying that the country experienced a surge in FDI in January and February,recording an influx of over 4.29 billion USD, marking a significant increase of38.6% compared to the previous year.
The FDI capital disbursed in the first two monthsamounted to 2.8 billion USD, up 9.8% year-on-year.
Attracting the most were Hanoi, QuangNinh, Thai Nguyen, Ba Ria – Vung Tau, Bac Ninh, Dong Nai, Bac Giang, Ho ChiMinh City, Hai Phong, and Hung Yen. These 10 localities accounted for 81.7% ofthe foreign investment received during January-February. Out of them, Hanoi capitalcity led the pack with nearly 914.4 million USD, which was up 24.4 times thatrecorded in the same period in 2023.
According to the news site, this year,Vietnam presents investment prospects across multiple frontier industries. Thetechnology industry is experiencing a great deal of innovation and digitalisation.Similarly, the renewable energy sector is gaining traction, with a rising focuson clean energy sources like solar and wind power to sustainably bolsterVietnam’s power supply. Moreover, there is great anticipation regarding thedemand-driven growth of the med-tech field and other healthcare-relatedindustries.
Meanwhile, in its article titled “Vietnam ‘has been a development successstory’: World Bank,” the US-based Washington Examiner website wrote: “Whileeconomic freedom is declining around the world, Vietnam is bucking the generaltrend. The country still has a lot of work to do to join the ranks ofeconomically free countries, but it is moving in the right direction. No othercountry of comparable size has made such strong gains in the Index of EconomicFreedom in recent decades.”
“Growth in Vietnam no longer revolvessolely around agriculture as it has positioned itself in high-tech fields,including Industry 4.0, semiconductor chips, AI, and hydrogen, and is attractinginternational capital. Foreign direct investment amounted to 36.6 billion USD in2023,” it added.
The New York-based Nasdaq Stock Market assessedthat Vietnam's growing economy not only brings benefits to its people but alsobrings profitable opportunities to investors in many fields, typicallytechnology and textiles. The country's economic growth momentum is also boostedby its capacity to attract FDI./.
VNA
