Business

Vietnam’s process manufacturing attractive to foreign investors

Vietnam’s process manufacturing sector has to date attracted 252 billion USD in foreign direct investment (FDI), accounting for nearly 60% of the total foreign capital poured into the Southeast Asian country.
Vietnam’s process manufacturing attractive to foreign investors ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Vietnam’s process manufacturing sector has todate attracted 252 billion USD in foreign direct investment (FDI), accountingfor nearly 60% of the total foreign capital poured into the Southeast Asiancountry.

According to the Foreign Investment Agency under theMinistry of Planning and Investment, there are currently 34,898 valid FDIprojects worth 426.14 billion USD in Vietnam.

In the first half of this year, the country lured 16.03billion USD in FDI, of which the sector accountedfor 8.84 billion USD, or 63% of the total.

The sector has been attractive to the world’s major groupssuch as Samsung, LG, Canon, Honda, and Toyota, reflected through theircontinuous expansion of investment in Vietnam.

Vietnam’s process manufacturing attractive to foreign investors ảnh 2Illustrative image (Photo: VNA)
Notably, the Republic of Korea (RoK)’s Samsung Group, whichwas officially licensed to invest in Vietnam with the Samsung ElectronicsVietnam factory in Bac Ninh province, has expanded their operations to otherlocalities, including Hanoi, Thai Nguyen province, and Ho Chi Minh City.

Andrew Lee, Korean Desk Manager at Savills Vietnam, saidthat the Korean business community appreciates Vietnam’s process manufacturing sector thanks to the country’s advantages in labour force,political stability, and inclusive and extensive international integration.

To make FDI projects in the sector effective, economists are advising Vietnam to be stricter in selecting projects to attract those with goodfinancial potential, less labour intensive, and bringing about high addedvalue./.
VNA
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