January: Neighbor secures $187 million in foreign investment, Vietnam surpasses 10-fold

In the first month of 2024, the neighboring country approved 32 investment projects. Meanwhile, Vietnam granted 190 new projects during the same period.

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The Khmer Times (Cambodia) cited a report by the Cambodian Development Council (CDC) that the country attracted over USD 187 million in investment in January 2024. In this month, the kingdom approved 32 investment projects and could create nearly 29,000 jobs.

The CDC report also highlights prominent projects including an electronics factory, an electric and motorbike assembly plant, a steel plant, and a textile factory, among others. CDC states that over 78% of investment in January 2024 came from China, followed by Singapore, the United States, and South Korea.

Speaking with Xinhua News (China), Cambodian Minister of Commerce Spokesperson Penn Sovicheat said the Comprehensive Economic Partnership Agreement, the Cambodia-China Free Trade Agreement, and Cambodia’s (new) Investment Law were key factors attracting foreign direct investment into the country.

“New investments will bring capital, technology, and new job opportunities to local people,” he told the Xinhua News.

More than 78% of investment in Cambodia in January 2024 came from China. Illustrative image.

January 2024: Vietnam saw 190 new projects certified for investment registration

Prior to that, The Foreign Investment Agency (Ministry of Planning and Investment) said that as of January 20, 2024, total newly registered, adjusted, and contributed capital, capital contribution to buy shares, capital contribution through capital contribution of foreign investors into Vietnam reached over USD 2.36 billion, up 40.2% compared to the same period in 2023. It is noteworthy that besides the decrease in adjusted capital and capital contribution to buy shares, newly registered investment capital still had a strong increase.

Specifically, in this month, there were 190 new projects certified for investment registration, up 24.2% compared to the same period, with a total registered capital of over USD 2 billion, up 66.9% compared to the same period. The strong increase in the number of projects and the appearance of large-scale projects (over USD 600 million) are among the main factors driving the increase in foreign direct investment.

In addition, in January 2024, there were 75 projects registered to adjust investment capital, down 15.7% compared to the same period, with a total registered capital increase reaching over USD 235.4 million, down 23.1% compared to the same period; and 174 projects contributed capital to buy shares of foreign investors (down 14.7% compared to the same period), with a total capital contribution value reaching over USD 116.5 million, down 33.1% compared to the same period.

In January 2024, real estate business led the total investment capital into Vietnam, reaching over USD 1.27 billion. Illustrative image.

Disbursement capital is also very optimistic with a 9.6% increase compared to January 2023 when foreign investors disbursed USD 1.48 billion.

In terms of investing partners, there were 39 countries and territories investing in Vietnam in January 2024; among them, Singapore led with a total investment capital of over USD 1.4 billion, accounting for 59.5% of total investment capital, up 72.8% compared to the same period in 2023.

Therefore, in the first month of 2024, Cambodia recorded nearly USD 187 million in foreign direct investment. Vietnam’s figure was over USD 2.36 billion. China is the top investor in both Cambodia and Vietnam in January 2024.

SOURCEcafef
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