China leads in number of FDI projects in Việt Nam in seven months

A worker operates a machine producing solar energy modules at the Trina Solar Vietnam factory – an entire Chinese-invested facility in Thái Nguyên Province. — VNA/VNS Photo

HÀ NỘI — Foreign direct investment (FDI) from China has continued to flow into Việt Nam, according to the Ministry of Planning and Investment.

In the first seven months of this year, among 91 countries and territories investing in Việt Nam, China held the top position in the number of new investment projects, accounting for 29.7 per cent of the total.

Meanwhile, Singapore topped the list in terms of investment capital with nearly US$6.52 billion, accounting for almost 36.2 per cent of the total sum, up 79.1 per cent over the same period in 2023. Hong Kong (China) ranked second with more than $2.19 billion, accounting for 12.2 per cent of the total. They were followed by Japan, China, and the Republic of Korea (RoK).

Minister of Planning and Investment Nguyễn Chí Dũng said that a positive signal is that many major Chinese corporations in the fields of technology, electricity – electronics, processing, manufacturing, infrastructure, renewable energy, and electric vehicles have poured investment in Việt Nam.

Previously, Chinese FDI capital in Việt Nam used to focus on manufacturing, household wooden furniture processing, iron and steel, footwear, garments, food processing, and plastic packaging. However, in recent years, Chinese capital has shifted to high-tech industries, components, spare parts for industrial production, electronics, automobiles, and green energy.

Recently, the China-based display maker Beijing Oriental Electronics Group (BOE) invested in a smart terminal factory in Phú Mỹ 3 Industrial Park in the southern province of Ba Ria-Vung Tau with a total capital of $277.5 million. The factory specialising in assembling and manufacturing screens for computers, televisions, and circuit boards is expected to operate in 2026. In 2019, the group also put into operation a factory in Đồng Nai.

The northern port city of Hải Phòng, which is always among localities with the highest amount of FDI, has also paid much attention to attracting investment from China.

Recently, a delegation of the city led by Secretary of the municipal Party Committee Lê Tiến Châu has visited, worked and promoted investment in China. During the trip, Hải Phòng authorities granted seven investment registration certificates with registered capital of nearly $200 million and exchanged four Memoranda of Understanding on cooperation with Chinese partners.

Currently, Hải Phòng is the destination of the world’s leading investors such as Regina Miracle Group from Hong Kong (China) with a total investment capital of over $1 billion; Pegatron Group from Taiwan (China) with an investment of over $800 million; and SK Group from the RoK with total investment capital of over $500 million. The city also attracted other groups including Nipro Pharma and Aeon from Japan, and Tongwei from China.

Jang Jin Ke, General Director of Tongwei Electronics Vietnam Co Ltd said that Hải Phòng City’s investment promotion in China can improve investment efficiency, quickly identify investment opportunities, and respond quickly to market changes, thereby contributing to promoting economic development in the context of globalisation.

Along with Hải Phòng, the southern province of Bình Dương is also a FDI magnet. Bình Dương currently has 4,322 valid FDI projects with total registered investment capital of more than $40.9 billion, accounting for more than 8.5 per cent of the total foreign investment capital of the country. Bình Dương is also one of the localities with a very large number of Chinese-invested projects.

Director of the Bình Dương provincial Department of Planning and Investment Phạm Trọng Nhân said that FDI capital has continued to play an important role in improving the quality and scale of investment projects in Bình Dương. FDI projects focus on industrial parks, with the processing and manufacturing industry accounting for a large proportion. This not only brought strong foreign resources to the province but also helped it access advanced technologies and international markets, he said.

Minister of Planning and Investment Nguyễn Chí Dũng said that Việt Nam aims to attract selective investment and create a strong connection between the foreign investment sector and the domestic economic sector.

To achieve the goals, the ministry will urgently review, resolutely remove and handle difficulties and obstacles, particularly those relating to institutions, laws and administrative procedures to create a driving force for breakthroughs. Việt Nam focuses on attracting large-scale, high-quality, high-tech FDI projects in the processing, manufacturing, electronics and semiconductor industries, he said. — VNS