On December 29, 1987, the National Assembly officially passed the Law on Foreign Investment in Vietnam, the most important legal document formalizing the receipt of foreign investment in Vietnam.

In 1988, the first foreign direct investment (FDI) project license was officially granted by the Ministry of Foreign Affairs to a joint venture between Hochimex Company of Hong Kong (China) and Ba Ria - Vung Tau Tourism Company. Accordingly, Hong Kong (China) is the first economy to pour investment capital into Vietnam.

According to the Foreign Investment Agency, in the three years of 1988-1990, when the Law on Foreign Direct Investment was implemented in Vietnam, the results of attracting foreign investment were still small (214 projects with a total newly registered capital of 1.6 billion USD), foreign investors had not yet had an impact on Vietnam’s socio-economic situation.

During the period 1991-1995, foreign investment capital increased (1,409 projects with a total newly registered capital of 18.3 billion USD) and had a positive impact on the socio-economic situation of the country. The period 1991-1996 is considered as the "boom" period of foreign investment in Vietnam (can be considered as the "first wave of foreign investment" into Vietnam) with 1,781 licensed projects with total registered capital (including newly granted and increased capital) of 28.3 billion USD.

This is the period when the investment-business environment in Vietnam has begun to attract investors due to the low investment and business costs compared to some countries in the region; Availability of labor force with cheap labor cost, new market. Therefore, foreign investment has grown rapidly, has spillover effects on other economic sectors and positively contributed to the realization of Vietnam’s socio-economic goals.

Accumulated to June 20, 2023, the whole country has 37,541 valid projects with a total registered capital of nearly $449.48 billion. The accumulated realized capital of foreign direct investment projects is estimated at more than 284 billion USD, equaling 63.2% of the total valid registered investment capital.

By sector, foreign investors have invested in 19/21 sectors in the national economic sub-sector system. In which, the processing and manufacturing industry accounted for the highest proportion with more than 268.35 billion USD (accounting for 59.7% of total investment capital). Next is the real estate business with more than 67.1 billion USD (accounting for 14.9% of total investment capital); electricity production and distribution with more than 38.4 billion USD (accounting for nearly 8.6% of total investment capital).

In the field of industry and processing, Vietnam’s electronics industry has attracted many large corporations in the world to invest, such as Intel, Microsoft, Foxconn, Samsung, Sony, Toshiba... Investment projects from these large national corporations have contributed to improving the technology level for Vietnam’s processing and manufacturing sector. Along with that, Vietnamese businesses can also participate in the global supply chain.

According to investment partners, there are currently 143 countries and territories with valid investment projects in Vietnam. In which, Korea ranked first with a total registered capital of nearly 82 billion USD (accounting for 18.2% of total investment capital). Singapore ranked second with nearly 73.4 billion USD (accounting for 16.3% of total investment capital). Followed by Japan, Taiwan (China), Hong Kong (China).

By location, foreign investors have been present in all 63 provinces and cities in the country, of which Ho Chi Minh City is the leading locality in attracting foreign investment with nearly 56.8 billion USD (accounting for 12.6% of total investment capital); followed by Binh Duong with more than 40 billion USD (accounting for more than 8.9% of total investment capital); Hanoi with nearly 39.3 billion USD (accounting for 8.7% of total investment capital).

Considering Hong Kong (China), Hong Kong (China) is currently ranked 5th with accumulated total investment capital in Vietnam reaching more than 29 billion USD with 2,183 projects. Hong Kong investors have invested in most of Vietnam’s national economic sectors.

Most of Hong Kong’s projects are concentrated in the manufacturing and processing industries, the power generation industry, and the real estate business. Hong Kong (China) has now invested in most of the provinces and cities of Vietnam. The localities most invested by Hong Kong (China) investors are Ho Chi Minh City. Ho Chi Minh City, Binh Duong, Quang Ninh, Hanoi, Hai Duong...