Hanoi's role is also gradually strengthening on the electronics and high-quality technology front
By Tommaso Magrini
Vietnam continues to attract international interest. Foreign investment in the South-East Asian country soared in October, when the manufacturing hub attracted more than double the financial commitments received monthly this year, in a context of strong growth in expenditure on new plants. In October, Vietnam received foreign investment commitments worth $5.3 billion, against a monthly average of $2.2 billion in the rest of the year. About 90% of the inflows in October were driven by factory-building projects, according to data from the Vietnamese Investment Ministry. Since the beginning of the year, the country has received foreign investment commitments for 25.76 billion dollars, 14.7% more than the same period of the previous year. Manufacturing industry remains a stronghold of investment in Vietnam. In the first ten months of 2023, foreign companies invested nearly $18.84 billion in manufacturing projects, accounting for 73.1% of total FDI inflows in the same period. But the role of Vietnam is gradually strengthening also on the front of high-quality electronics and technology. Foreign investors are increasingly turning to Vietnam to diversify their supply chains.Some of the most recent examples include September 23, when Japanese technology company Kyocera Document Solutions announced plans to invest $237 million to expand its machine and equipment factory in Hai Phong. Commitments from mainland China and Hong Kong together were the highest this year, followed by Singapore and South Korea. The data show that actual investments in the first ten months of 2023 increased by 2.4% compared to the same period of the previous year, reaching 18 billion dollars.
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