Hanoi: Vietnam experienced a substantial increase in foreign investment in October, with the nation’s status as a manufacturing hub attracting more than double the monthly financial commitments seen throughout the year. This surge was driven by increased spending on the establishment of new production facilities, as per official data released on Friday.
The cumulative foreign investment for the first ten months of 2023 increased by 2.4%, reaching $18 billion compared to the same period in the previous year.
In October alone, Vietnam garnered foreign investment commitments amounting to $5.3 billion, a stark contrast to the monthly average of $2.2 billion observed in the rest of the year. Notably, around 90% of the October inflow was attributed to plans for constructing new factories, according to data provided by Vietnam’s investment ministry.
Since the beginning of the year, Vietnam has received foreign investment commitments totaling $25.76 billion, marking a 14.7% increase compared to the same period in the previous year. The manufacturing and processing industry emerged as the primary beneficiary, attracting three-quarters of these investments.
China and Hong Kong combined were the leading contributors to foreign investment commitments this year, closely followed by Singapore and South Korea.
