In July, Korean investors alone poured more than USD1.1 billion into Vietnam, bringing the total investment capital of Korean enterprises in Vietnam in the first 7 months to USD2.34 billion, accounting for 14.4% of the total foreign investment capital to Vietnam in the first 7 months of the year.

The figure was informed by the Foreign Investment Agency under the Ministry of Planning and Investment.

Accordingly, the Republic of Korea (RoK) ranked second out of 94 countries and territories investing in Vietnam since the beginning of this year, after Singapore with a total investment of nearly USD3.64 billion, accounting for more than 22.4% of total investment capital in Vietnam.

According to economic experts, within just one month, RoK’s investment capital in Vietnam nearly doubled compared to the first half of 2023, which shows that Korean businesses have high expectations of the investment environment in Vietnam.

Recently, Mr. Hong Sun, Chairman of the Korean Business Association in Vietnam, said that Korean businesses highly appreciate the investment and business environment of Vietnam, especially in the green growth strategy that Vietnam is aiming for. In addition, Korean investors are also interested in high-tech fields in Vietnam, such as semiconductor chip and car batteries production.

Speaking at the Vietnam - RoK Business Forum held in June, Mr. Do Nhat Hoang, Director of the Foreign Investment Department, said that the investment environment in Vietnam is being favored by many foreign enterprises, in which, Korean enterprises appreciated it thanks to the positive GDP growth for many consecutive years, and the stable macro-economy.

Agreeing with the above view, many representatives of large Korean corporations also highly appreciated the potential for economic development and business environment in Vietnam. In particular, a representative of Shinhan Bank RoK said that the business has invested in Vietnam for 30 years and one of the factors that makes this business appreciate the investment environment in Vietnam is its high and stable GDP growth for many successive years.

To make Vietnam continue to be an attractive investment destination for foreign investors in general and Korean businesses in particular, Mr. Do Nhat Hoang said that in the coming time, Vietnam will continue to improve the investment environment, focus on reforming administrative procedures, and issue policies to attract investment in a number of potential and breakthrough fields such as high technology, semiconductor and innovation.

According to statistics from the Ministry of Planning and Investment, up to now, RoK’s investment in Vietnam has reached USD83,009 billion, leading 143 countries and territories investing in Vietnam.

CPV