Aerial view Ho Chi Minh City, Vietnam’s largest city and financial centre. Credits: R.M. Nunes/Shutterstock.

Vietnam attracted $2.36bn in foreign direct investment (FDI) inflows as of 20 January, marking a 40% year-to-year increase from the same month last year.

According to the Foreign Investment Agency, cited by Vietnam+, the government granted registration certificates to 190 new projects. The registered capital hit $2bn, or 67% higher than in January 2023.

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In addition, investors from 39 countries and territories announced projects in Vietnam since the beginning of the year. Singaporean businesses took the lead, with over $1.4bn in FDI inflows, or 59.3% of the total investment capital spent in Vietnam.

The rise in the capital this month is mostly due to an increase in the number of projects coupled with multiple large-scale projects announced by Western companies looking to explore options other than China.

On 23 September, Japanese tech company Kyocera Document Solutions announced plans to invest $237m to expand its machine and equipment factory in Hai Phong, 120km east of Vietnam’s capital, Hanoi.

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News about higher FDI inflows in January comes after, last year, Vietnamese officials reported a surge of 54% in FDI between 1 January and 20 October 2023, hitting $15.29bn.

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Around $5.29bn of the total was spent on 1,051 existing projects. Separately, despite capital decreasing by 39%, project numbers rose 19.4% from January to October 2022, indicating investors are confident in Vietnam’s investment climate. According to official data, foreign investors spend more than $5.13bn on shares of domestic companies through 2,836 transactions.