VIETNAM CONTINUES TO SEE GROWTH IN FDI

Deputy Minister of Planning and Investment Tran Quoc Phuong stated that numerous international financial organisations remain optimistic about Vietnam’s ability to attract foreign direct investment (FDI) in the second half of the year.

At a regular meeting held by the Government Office on July 6, the Ministry of Planning and Investment (MPI) reported that registered FDI in the first six months was valued at nearly $15.2 billion, up over 13 per cent on year. Newly registered FDI surpassed $9.5 billion, marking an increase of almost 47 per cent, while implemented FDI was approximately $10.8 billion, an 8.2 per cent rise.

Many large foreign-invested projects in the semiconductor, electronics, and energy sectors have received new investments and expansion commitments.

Phuong emphasised that foreign investor confidence remains strong, indicating a continued desire to invest in Vietnam.

"Many international financial organisations hold an optimistic view of Vietnam thanks to three main factors, including the country's strategy to diversify supply chains, its promising economic growth prospects, and its strong fundamentals," said Phuong. "We can expect FDI for the entire year to hit $39 billion to $40 billion, surpassing 2023."

Discussing the annual economic growth targets, the deputy minister also highlighted the GDP growth in the second quarter and the first half of the year.

"GDP growth in the second quarter was estimated to be at 6.93 per cent on-year, and 6.42 per cent for the first six months, exceeding the upper target of 6 per cent," Phuong said.

"The MPI has developed two growth scenarios to present to the government. In the first, the annual growth is projected to reach 6.5 per cent, the upper target as set by the National Assembly, with third quarter growth at 6.5 per cent and the fourth at 6.6 per cent. In the second scenario, annual growth is projected at 7 per cent, with third quarter growth at 7.4 per cent and the fourth at 7.6 per cent," he continued.

Source: VIR