Update: 12:34 | 30/10/2022
Vietnam received $17.45 billion in foreign direct investment (FDI) in the first 10 months, up 15% year-on-year.
The country could receive up to $22 billion this year, up 11.5% from 2021, according to the Ministry of Planning and Investment.
Containers are seen at Cat Lai Terminal in Ho Chi Minh City on December 24, 2022.
FDI pledges, which indicate the size of future FDI disbursements, including newly registered capital, further investment in existing projects and stake acquisition, fell 5.4% year-on-year to $22.4 billion.
Of the pledges, 57.5% would go to manufacturing and processing.
Singapore was the top source of FDI pledges in the period with $5.34 billion, followed by Japan ($4.2 billion) and South Korea ($3.9 billion).
Vietnam now has 36,000 active FDI projects with a total investment of $435 billion.
EuroCham chairman Alain Cany said recently that export-oriented manufacturing and inbound foreign direct investment are driving Vietnam's economic growth, and considering Vietnam's high-quality and affordable labor offerings, it's no surprise that foreign investors want to move manufacturing operations here.
"While global uncertainty persists, Vietnam's prospects are reassuring," he said, adding that EuroCham-member LEGO is investing $1 billion in Binh Duong to build its forward-looking first factory in Vietnam and its second in Asia, while Apple supplier Pegatron now planning to invest up to $1 billion here.
Over 55% of Japanese companies want to expand their business in Vietnam in this and next year, the highest among ASEAN countries, according to a survey released earlier this year by Japan External Trade Organization.