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Positives in the Economic & Social Recovery Momentum Q1/2022

Posted by Khoi Pham on March 8, 2022

Vietnam has reopened international routes to 20 out of 28 countries and territories, according to a representative of the Ministry of Transport, including Cambodia, Japan, South Korea, Malaysia, the Philippines, Qatar, Singapore, Thailand, Turkey, UAE, Laos, Taiwan, Hongkong, France, Germany, UK, Australia, Russia and USA.

Compared to the time before the epidemic (Winter 2019), there are still 8 countries and territories that have not resumed flights: Brunei, India, Indonesia, Myanmar, Macao, Finland, Italy and Switzerland.

According to the Ministry of Transport, the frequency of international flights to/from Vietnam is 370 weekly trips, equivalent to 53 flights per day. While the frequency of international flights before the epidemic was 4,185 weekly flights, equivalent to 598 flights per day. Thus, the frequency of international flights is about 10% compared to the previous one.

Currently, all domestic airlines have planned to fully restore the international flight network, based on the approval of authorities at destinations and according to market demand.

imageAn airline employee checks in for passengers to board the plane, October 2021. Photo: Giang Huy

FDI projects have covered all 63 provinces and cities

Data from the Foreign Investment Agency (Ministry of Planning and Investment) as of February 20 shows that Singapore is the leading country in terms of total foreign direct investment (FDI) into Vietnam in the first two months of the year with more than USD 1.7 billion.

Korea ranked second with a total investment capital of USD 1.4 billion. Accumulated up to now, Korea is still the leading country pouring capital into Vietnam with a total registered capital of over USD 78.4 billion (accounting for 18.7% of total investment capital).

However, after many consecutive years, Japan is the country with the second largest total investment in Vietnam, now ranked after Singapore. In fact, Japan’s FDI inflows tend to slow down since 2020 while Singapore’s investment continues to grow.

Therefore, since the beginning of this year, the lion island nation has surpassed Japan for the first time, becoming the top 2 for direct investment in Vietnam.

imageBesides, it is estimated that FDI projects by February 20 have disbursed USD 2.7 billion, more than 7% over the same period last year.

In the first two months of the year, foreign investors poured into 17 industries out of a total of 21 national economic sectors. In which, the processing and manufacturing industry leads the way with a total investment of over USD 3.13 billion, accounting for nearly 63% of the total registered investment capital.

Real estate business ranked second with a total capital of more than USD 1.5 billion, accounting for more than 30%. Followed by professional science and technology activities, electricity production and distribution with a total registered capital of USD 109.6 million and nearly USD 60 million respectively…

Some mega projects in the first two months of the year include the investment project to build urban infrastructure and VSIP Bac Ninh service (Singapore) with an additional investment of nearly USD 941 million; Samsung Electro-mechanics Vietnam Company project increased investment capital by USD 920 million in Thai Nguyen.

In addition, the factory project of manufacturing electronic equipment, network equipment and multimedia audio products (Hong Kong) has also increased its investment by nearly USD 306 million in Bac Ninh.

Ho Chi Minh City is still the leading locality in attracting FDI with over USD 52.8 billion (accounting for 12.6% of total investment capital). Next is Binh Duong with nearly USD 37.8 billion (accounting for 9% of total investment capital); Hanoi with nearly USD 37.6 billion (accounting for nearly 9% of total investment capital).

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