The article emphasised Vietnam's impressive GDP growth of 7.4% in the third quarter of 2024, its highest quarterly growth in two years. The processing and manufacturing sector stood out with a remarkable growth rate of 11.41%, marking the strongest increase in six years.
Citing data from the Foreign Investment Department under the Ministry of Planning and Investment, the publication reported that in the first nine months of 2024, the total newly registered, adjusted, and capital contribution through share purchases and stake acquisitions by foreign investors (FDI) reached over USD 24.78 billion, an 11.6% increase compared to the same period in 2023. The realised capital of foreign-invested projects was estimated to be over USD 17.3 billion, up 8.9% over the same period in 2023. Foreign investors have invested in 18 of the 21 sectors of Vietnam's economy.
In particular, the processing and manufacturing industry attracted the most foreign investment, with over 15.64 billion USD, accounting for 63.1% of total foreign investment in Vietnam. This was followed by the real estate sector, the production and distribution of electricity, and wholesale and retail trade.
The article affirmed that one of the most active sources of investment comes from Chinese enterprises. According to the Ministry of Commerce of China’s statistics, China’s total outward direct investment (ODI) into Vietnam has continuously increased in recent years. In 2023, the direct investment from Chinese enterprises in Vietnam reached 5 billion USD, marking a 30% increase compared to the previous year.
This figure reflects the confidence of Chinese enterprises in the Vietnamese market and demonstrates the increasingly close economic and trade relationship between the two countries. Furthermore, manufacturing is one of the main sectors in which Chinese enterprises invest in Vietnam, involving textiles, garments, electronics, machinery and equipment, and other industries. This not only promotes the development of Vietnam's manufacturing sector but also enhances the deep connectivity of the industrial chains of both countries.
According to statistics from the Ministry of Planning and Investment of Vietnam, in 2023, the registered investment capital from Chinese investors in Vietnam reached 4.5 billion USD, an increase of nearly 80% compared to the previous year. In the first seven months of 2024, the registered investment from China into Vietnam was 1.65 billion USD, slightly decreasing compared to the same period last year.
In terms of capital volume, China ranked fourth among countries and territories investing in Vietnam. In terms of the number of projects, China is the leading partner for newly approved projects, accounting for 29.7%.
The most notable aspect is the significant improvement in the quality of Chinese investment in Vietnam. Previously, Chinese investments were often concentrated in manufacturing and processing sectors such as textiles and leather; now, funding is shifting toward high-tech fields, electricity, and electronics. Many international-scale Chinese companies have begun investing in Vietnam's electricity, electronics, manufacturing, infrastructure, renewable energy, electric vehicles, and other sectors.
The article emphasises, along with the increasingly close and frequent development of bilateral economic and trade relations, Vietnam and China issued a joint statement during the official visit to Vietnam by Chinese Premier Li Qiang.
