Korean firms pour US$2.43 billion into Vietnam in eight months
Businesses from the Republic of Korea (RoK) poured over 2.43 billion USD into Vietnam in the first eight months of 2021, ranking third in terms of total registered capital after Singapore and Japan.
According to the Foreign Investment Agency under the Ministry of Industry and Trade, RoK firms invested in 251 new projects worth nearly 759 million USD and pumped an additional 1.18 trillion USD into 179 existing projects. Meanwhile, their capital contributions and share purchases reached 494.46 million USD.
With 9,159 valid projects worth 72.34 billion USD, the RoK now is the biggest foreign investor in Vietnam, the agency said.
This proves that RoK businesses have great confidence in Vietnam’s investment environment, Vice Chairman of the Vietnam Association of Foreign-Invested Enterprises Nguyen Van Toan told the Cong Thuong (Industry and Trade) newspaper.
Despite the complicated developments of the COVID-19 pandemic, the number of newly-registered and capital-added projects invested by Korean firms is still increasing.
Nearly 60 Vietnamese localities nationwide have attracted investment from the RoK, led by the northern province of Bac Ninh with 957 projects worth 10.7 billion USD, accounting for 14.9 percent of the northeast Asian country’s total investment in Vietnam.
The RoK’s investment projects have been quickly disbursed, significantly contributing to socio-economic growth and development in the Southeast Asian country, Toan said.
RoK firms’ projects mainly focus on the processing and manufacturing industry with 4,543 projects totaling 53.1 billion USD, making up 73.5 percent of the country’s investment total in Vietnam./.
Korean conglomerate SK Group said it will make a strategic investment in VinCommerce, Vietnam’s largest retailer, to tap into the fast-growing e-commerce segment in the Southeast Asian market, reported Yonhap News Agency.