Vietnam’s manufacturing sector drawing many Singapore companies to set up shop

[HANOI] When foreign investors look at opportunities in Vietnam, the data shows they are typically drawn to the country’s vibrant manufacturing sector.

The latest available figures from the country’s Ministry of Planning and Investment showed the processing and manufacturing industry accounted for just over 60 per cent – or US$16.8 billion – of Vietnam’s foreign direct investment (FDI) of US$28 billion last year.

By flow, Singapore’s investment of US$6.46 billion – accounting for almost a quarter of the total foreign capital investment in 2022 – makes it Vietnam’s largest foreign investor for the third straight year.