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Viet Nam expects to lure US$36-38 bln in FDI capital in 2023

VGP - Viet Nam targets to attract US$36-38 billion in newly-registered foreign direct investment (FDI) capital in 2023, said deputy head of the Foreign Investment Agency Do Van Su.

January 16, 2023 4:12 PM GMT+7
Viet Nam expects to lure US$36-38 bln in FDI capital this year  - Ảnh 1.

Meanwhile, the disbursed volume of FDI capital is projected to reach US$22-23 billion, similar to last year's record of US$22.4 billion.

Also in 2022, the Southeast Asian nation reeled in nearly US$27.72 billion in FDI, down 11 percent compared to 2021.

The aforesaid figure includes US$12.45 billion poured in 2,036 newly-licensed projects, down 18.4 percent in terms of capital and up 17.1 percent in terms of the number of projects.

As many as 1,107 projects increased investment capital by US$10.12 billion, a year-on-year increase of 12.2 percent while the volume of capital contributions and share purchases by foreign investors decreased by 25.2 percent to US$5.15 billion.

In a recent interview with the VGP, Mr. Andrew Jeffries, Country Director of the Asian Development Bank in Viet Nam said that opportunities in Viet Nam for 2023 include very strong FDI numbers regardless what is happening around the world and the risks of economic slowdowns in the U.S., China and Europe.

"FDI interest in Viet Nam which is taking a longer-term view is very positive so I think that is something that everyone should keep in mind when thinking about Viet Nam," noted Andrew Jeffries.

With the strong interest in FDI in Viet Nam, especially compared to neighboring countries within ASEAN and in the region, there is overall vote of confidence for the long-term for Viet Nam.

According to the ADB Country Director, Viet Nam's digital economy is projected to grow by 9 percent per year over the next 4-5 years. Thus, there is not only interest in FDI for manufacturing and exporting, there is also some IT related companies interested in setting up businesses in Viet Nam.

Business process outsourcing which has been very active in other countries is beginning to emerge in Viet Nam so there are some new opportunities that diversify the FDI away from just manufacturing.