Vietnam secured more than double its monthly average of foreign investment in October, with money from China and Hong Kong leading the surge.
Foreign investment has soared as the manufacturing hub attracted a host of financial pledges, amid a big boost in spending for new plants, official data showed on Friday.
So far in October, the Southeast Asian country has received foreign investment commitments worth $5.3 billion, against a monthly average of $2.2 billion in the rest of the year.
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Around 90% of the October inflows were driven by plans to build factories, according to the data from Vietnam’s investment ministry.
Since the start of the year, the country has received foreign investment commitments worth $25.76 billion, 14.7% higher than in the same period last year.
Three-quarters of them went to the manufacturing and processing industry. Pledges from China and Hong Kong combined were the highest so far this year, followed by Singapore and South Korea.
The actual investment in the first ten months of 2023 rose 2.4% from the same period a year earlier to $18 billion, the data showed.
- Reuters with additional editing by Sean O’Meara
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