Business

Processing, manufacturing industry attractive for foreign investors

The processing and manufacturing industry has been the most attractive sector for foreign investors this year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Processing, manufacturing industry attractive for foreign investors ảnh 1Illustrative Image (Source: VNA)

Hanoi (VNA) – The processing and manufacturing industry has beenthe most attractive sector for foreign investors this year, according to theForeign Investment Agency under the Ministry of Planning and Investment.

The agency announced the sector lured 5.18 billion USD of a total 9.9billion USD, or 52.3 percent of foreign direct investment (FDI), the countryattracted.

Real estate ranked second with 1.07 billion USD, while the retail andwholesale sector attracted 1.02 billion USD.

Although the FDI in five months of this year was equivalent to only 81.6percent of that in the same period last year, experts said FDI quality washigher.

Notably, LG Innotek added 501 million USD to its factory in Hai Phong,raising total investment in the project to 1.05 billion USD, while ReginaMiracle International Vietnam injected an additional 260 million USD to itssportswear factory.

Economists said that the increase of investment in projects in equipmentand garment will bring more opportunities for domestic enterprises to learnfrom FDI firms and take advantage of their strengths. This is also whatVietnamese businesses need to do to enhance their competitiveness and engagedeeper into global supply chains.

Nguyen Van Toan, Vice President of the Vietnam Association of ForeignInvested Enterprises said that since the beginning of this year, Vietnam sawlower FDI compared to 2017. But Toan held that one giant project will changethat situation.

Many other economists asserted that the building of a strategy to lure FDIwith a focus on high quality investment influenced the statistics.

FDI projects have been chosen more carefully to suit specific localitiesand optimise their effectiveness and added value.

According to the Foreign Investment Agency, the change has slowed FDIflow into Vietnam, but improved investment quality.

So far this year, 86 countries and territories have invested in Vietnam,led by the Republic of Korea with 2.63 billion USD, accounting for 26.5 percentof total FDI, followed by Japan with 1.52 billion USD and Singapore with 1.11billion USD.

Ho Chi Minh City has been the most attractive destination out of 53cities and provinces in FDI attraction. The city lured 2.39 billion USD, or24.2 percent of total investment. Hai Phong ranked second with 1.07 billionUSD, followed by Hanoi with 835.3 million USD.-VNA
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