China takes lead in number of FDI projects in Vietnam in 7 months

Cat Lai Terminal in Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen

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

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

Minister of Planning and Investment Nguyen Chi Dung 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 Vietnam.

Previously, Chinese FDI capital in Vietnam 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 Phu My 3 Industrial Park in the southern province of Ba Ria-Vung Tau with a total capital of US$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 Dong Nai.