Vietnam attracted over $15.29bn in 2,608 new foreign direct investment (FDI) projects between 1 January and 20 October 2023, statistics cited by Vietnam+ show.

This represents a 54% year-on-year increase in the value of investments compared to the same period last year.

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Of the total, around $5.29bn was spent on 1,051 existing projects. Despite a 39% decrease in additional capital, project numbers rose 19.4% from the previous year, 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.

The promising numbers come amid rapid economic growth for the Southeast Asian country, whose economy grew 8.0% in 2022. GlobalData forecasts that Vietnam’s economy will keep the momentum, expanding at an annual average rate of 6.4% between 2023 and 2025.

The manufacturing industry remains an investment stronghold in Vietnam. In the first ten months of 2023, companies from abroad poured in nearly $18.84bn in manufacturing projects, accounting for 73.1% of the total FDI inflows registered in the same period.

Foreign investors are increasingly turning towards Vietnam in a move to diversify their supply chains away from China, which is caught up in a trade conflict with the West. On 23 September, Japan-based tech company Kyocera Document Solutions announced plans to invest $237m to expand its machine and equipment factory in Hai Phong, a coastal city 120 kilometres east of Hanoi, the country’s capital.

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According to recent data published by Vietnam’s Ministry of Planning and Investment, Japan remains Hanoi’s second-largest FDI partner in 2023. Japanese companies have invested approximately $2.21bn in the first half of the year, placing Tokyo right behind Singapore, which continues to be the leading source of FDI in Vietnam. In the first six months of 2023, Singaporean companies contributed more than $3bn, or 23.3% of the total FDI registered there.