HCMC – Fresh foreign investment approvals in Vietnam are expected to reach between US$36 billion and US$38 billion this year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

The foreign investment inflow is forecast to swell thanks to a range of favorable factors, including the country’s robust economic growth, the advantages brought about by free trade agreements, and the Government’s commitment to support business expansion, according to the agency.

In 2022, new foreign investment approvals in Vietnam totaled US$22.4 billion.

The authorities will focus on attracting high-tech and cutting-edge projects with the goals of boosting the economy’s competitiveness, enhancing production, and becoming more integrated into global supply chains.

“Venture capital funds and innovative enterprises will be important partners of the Government in joint efforts to make doing business in Vietnam more appealing in the eyes of regional and international investors,” said Nguyen Chi Dung, Minister of Planning and Investment.

The authorities plan to spur economic advancement by positioning Vietnam as an international hub of innovation and financial activities.

The Government and relevant agencies have worked to develop a favored entrepreneurial ecosystem, support small and medium-sized businesses and advance digital transformation in the nation.