Viet Nam remains a safe and attractive destination for foreign investors despite complicated developments of the COVID-19 pandemic.

Workers at Canon Electronic Viet Nam Co.Ltd in Pho Nui A Industrial Park in Hung Yen Province. (Photo: VNA)

According to a report from the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, foreign investors registered to pump 23.74 billion USD into Viet Nam during the first 10 months of 2021, surging 1.1 percent over the same period last year. Of the sum, over 13 billion USD was injected into newly-licensed projects, up 11.6 per cent year-on-year, while the remainder of over 7.09 billion USD came to operating projects, up 24.2 per cent.

The agency attributed the slight increase in foreign direct investment compared to the same period last year to the country’s selective investment policy which focuses on large-scale projects with added value.

The travel restrictions and quarantine policy also influenced the decision-making of foreign investors.

However, according to economic experts, a 1.1 percent year-on-year increase in registered FDI capital in 10 months is still considered a "bright spot" of the economy given that the complicated situation of the COVID-19 pandemic in Viet Nam from the end of April this year.

Talking about Viet Nam's prospects for attracting FDI, Warrick Cleine – Chairman and CEO of KPMG in Viet Nam and Cambodia said that Viet Nam created both macroeconomic and social stability which would encourage more investment as investors love the safe and predictable business environment.

Viet Nam’s other advantage was the economic growth and the government’s engagement with the global community, he said.

Alain Cany, chairman of the European Chamber of Commerce said that Viet Nam was a promising market for foreign businesses in many fields from car imports to private education.

In addition, the country also has a lot of potential for production and export. Thus, he recommended foreign businesses continue including Viet Nam in their investment plans.

Source: VNA