Dong Nai attracts US$1.23 billion in FDI in Jan-Oct

Dong Nai Province in southern Vietnam attracted US$1.23 billion in foreign direct investment (FDI) from January to October 20, a 17.84% increase over the same period last year.

Employees work at a foreign-invested manufacturing facility in Dong Nai Province - PHOTO: VNA

The province approved 79 new projects with pledged capital totaling nearly US$709.9 million, a 2.3-fold year-on-year increase. However, additional funding for 103 existing projects totaled US$521.1 million, down by 29.2% year-on-year.

Dong Nai’s economic activity showed signs of recovery, spurred by increased global demand, easing inflation, and improved supply chains. Export markets and domestic consumption have strengthened, though industrial production faces pressure from unstable orders and weak product sales.

In October, the province’s industrial production index rose by 1.13% month-on-month and 9.98% year-on-year. For the first 10 months, the index increased by 7.86%, surpassing last year’s 4.61% growth but slightly below the 8.06% growth recorded during the same period in 2022.

Between January and mid-October, newly registered businesses had total charter capital of VND65.35 trillion, up by 28.76% from the previous year. However, business closures also rose, with 527 companies dissolved, a 20.5% year-on-year increase. Additionally, 1,847 businesses temporarily suspended operations during this period, up by 26%.

In October, Dong Nai’s export revenue amounted to US$2 billion, up by 6.27% month-on-month and 8.23% year-on-year. Total exports in the first 10 months rose by 9.2% to US$19.5 billion, with the U.S., Japan, and China as the main export markets.

Imports for October stood at US$1.4 billion, a slight increase from the previous month, bringing total imports for the 10 months to US$14.1 billion, up by 8.82% year-on-year. This resulted in a trade surplus of US$5.4 billion, averaging a monthly surplus of US$541 million.

(Source:SGT)