In the first seven months of 2024, the number of FDI projects in Vietnam reached 1,816 projects, marking an 11.6% increase compared to the same period in 2023. China ranked first in the number of new projects with 540 projects, accounting for 29.7% of total FDI projects in Vietnam.

FDI flow into Vietnam could reach USD 40 billion in 2024

During the first seven months of 2024, FDI capital invested in Vietnam surpassed USD 18 billion, a 10.9% increase compared to the same period last year. The number of FDI projects also saw a significant rise, reaching 1,816 projects, up by 11.6% compared to the same period in 2023. Singapore ranked first in total investment capital, with nearly USD 6.52 billion, followed by Hong Kong with over USD 2.19 billion, and then Japan, China, South Korea, and others. However, in terms of the number of new projects, China led with 540 projects, making up 29.7% of all FDI projects in Vietnam.

Additionally, Vietnam currently ranks 25th out of 60 countries attracting the most FDI capital in the world, due to a stable economy with a CPI index maintained at 4% and core inflation at just over 2%. This has created a safe and attractive investment environment, making Vietnam a trusted destination for many large investors. Based on the positive signals from the first seven months, the Ministry of Planning and Investment expects FDI attraction for the whole of 2024 to reach USD 39-40 billion. It is expected that about 80% of FDI capital will be invested in key areas such as industrial production and renewable energy.

Mr. Tran Quoc Phuong – Deputy Minister of Planning and Investment

Vietnam’s large scale FDI projects in 2024

Bio-BDO Factory Project

The Bio-BDO Factory Project of Hyosung Dong Nai Co., Ltd. is located in Phu My II Industrial Park, covering an area of about 25 hectares with a total investment of USD 730 million. The factory will produce biological 1,4-Butanediol (Bio-BDO) with a capacity of up to 220,000 tons per year, expected to come into operation in 2026. This is the first factory producing biofiber from raw sugar in Vietnam and Asia using modern technology to completely replace traditional raw materials such as coal. In addition to the Bio-BDO project, Hyosung is also accelerating its investment in Ba Ria – Vung Tau with USD 1.3 billion in the Hyosung Vina Chemical factory and about USD 500 million in the Carbon fiber factory.

Bio-BDO build factory in Dong Nai

Foxconn Factory – Singapore

On July 3, 2024, Foxconn Group was officially granted an investment certificate by Quang Ninh province for two projects in manufacturing smart entertainment products and smart system equipment with a total capital of USD 551 million. The smart entertainment product manufacturing factory is located in Song Khoai Industrial Park (Amata), with an area of 21.5 hectares and a total investment of USD 263.7 million. The factory will manufacture Nintendo Switch game consoles of Japanese electronics company Nintendo, including components such as controllers, charging docks, straps, etc. with a designed capacity of 4.18 million products/year.

Meanwhile, the smart system equipment manufacturing factory has an investment capital of USD 287.2 million, in Bac Tien Phong Industrial Park (Deep C) with an area of 12.4 hectares, a designed capacity of 8.78 million products/year. With these two projects, the total capital invested by Foxconn in building the factory in Quang Ninh has nearly reached the USD 1 billion milestone, showing the importance of Quang Ninh in Foxconn’s development strategy.

Song Khoai Industrial Park, Quang Yen, Quang Ninh – where the Foxconn factory is located.

Trina Solar Cell Vietnam Co., Ltd. Project

In 2024, Thai Nguyen also attracted many large FDI projects, including the Trina Solar Cell Vietnam Co., Ltd. project of the Chinese solar panel group. The project is implemented in Yen Binh Industrial Park, Pho Yen city with a total investment of about VND 11,067 billion, equiv. to USD 454 million. The project has a large production scale with a capacity of 11,570 tons of monocrystalline silicon bars/year, 555 million monocrystalline silicon wafers/year and 560 million solar panels/year. This is the third project that Trina Solar Cell has built a factory in Thai Nguyen, raising the group’s total investment capital in the province to USD 932 million.

Gokin Solar Hai Ha Vietnam Project

The monocrystalline silicon wafer and photovoltaic silicon ingot manufacturing factory invested by Gokin Solar, a Hong Kong-China company, is being implemented in Texhong Hải Hà Industrial Park, Quang Ninh. The project has a total investment capital of up to USD 275 million, with a design capacity of nearly 1.4 billion products per year. It is expected that the factory will complete its infrastructure and come into operation in October 2025.

Texhong Hai Ha Industrial Park, Quang Ninh

Electronic Tripod Manufacturing Factory Project

In March 2024, Ba Ria Vung Tau granted an investment certificate for the Electronic Tripod manufacturing factory project from Taiwan, with a total investment of USD 250 million. The project is located in Chau Duc Industrial Park, Ba Ria Vung Tau province, with an area of over 18 hectares, making it the largest project in this industrial park. The Electronic Tripod factory will focus on producing various types of electronic circuits and circuit boards, with a total capacity of 1,800 tons per year divided into two phases. Phase 1 of the project is expected to become operational in Q3 2026, while Phase 2 is projected to commence in Q4 2029, requiring a workforce of approximately 1,700 people.

Pandora Vietnam Factory Project

As part of its decision to expand beyond Thailand, Pandora, the world’s largest jewelry company from Denmark, has chosen Vietnam as the location for its new manufacturing factory. In May 2024, Pandora officially started the factory construction in Binh Duong, located in VSIP 3 IP, with a total investment of over USD 150 million, equivalent to approximately VND 3.8 trillion. This is Pandora’s first factory outside of Thailand and the third manufacturing facility of the Pandora group. The factory is expected to start operations in early 2026, with an annual production capacity of 60 million pieces of jewelry, boosting Pandora’s global production capacity by about 50%. This marks a significant step forward in the group’s growth strategy.