By Kenneth Atkinson, founder and senior board adviser at Grant Thornton Vietnam The government has been successful in attracting foreign direct investment (FDI) since the early 1990s. Initial projects utilising FDI were small, with the exception of the renovation of the Sofitel Legend Metropole Hanoi, but even that was less than $10 million. Vietnam currently has more than 32,000 foreign-invested ventures in operation, with the total investment capital of more than $380 billion from 140 countries and territories. Over the last five years, FDI has shown consistent and steady growth, and in 2019 it hit a decade-long high at more than $38 billion pledged. To date the key investments have come from investors in Asia, with South Korea leading the field followed by Japan and Singapore. China has risen through the ranks in the last few years to the seven-largest foreign investor as of August 20. This can partly be attributed to the US–China trade spat but some analysts say that China is also pushing investment through Hong Kong, as Vietnam becomes more cautious about Chinese investment. Out of 19 sectors receiving capital, in 2019, manufacturing and processing came on top with total capital of $24.56 billion. This was followed… Read full this story
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