According to the FIA under the Ministry of Planning and Investment, in the first ten months of 2024, the manufacturing and processing industry attracted over USD 16.4 billion, accounting for nearly 70% of the total newly registered and additional FDI. The manufacturing and processing sector continues to be the largest recipient of FDI among the 18 economic sectors with foreign investment.
DNP Viet Nam Law Firm will provide essential information for investors looking to invest in this sector.
1. Definition of the Manufacturing and Processing Industry
The manufacturing and processing industry (MPI) is an important part of the industrial and construction sector. First, it involves changing raw materials or goods into new products through physical, chemical, or mechanical processes. As a result, this industry adds a lot of value and strongly supports economic growth. In particular, key areas include food processing, electronics manufacturing, and machinery production. Overall, MPI plays a leading role in building a strong and growing economy.
2. Key Considerations for Investing in the Manufacturing and Processing Industry
Investors looking to invest in the manufacturing and processing industry should take into account the following conditions:
- Priority sectors: Vietnam encourages investment in industries such as agricultural processing, mechanical engineering, supporting industries, textiles, and footwear.
- Market research: Identifying market demand and conducting competitive analysis to develop an effective business strategy.
- Market access: Understanding regulations related to market entry, including restricted or conditional sectors for foreign investors.
- Investment capital: Estimating the necessary capital for production activities and complying with capital contribution timelines as required by law.
- Investment policies: Taking advantage of government investment incentives and enterprise support mechanisms.
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3. Investment Procedures in the Manufacturing and Processing Industry
- Preparing documents: Drafting an investment registration dossier, including project proposals, feasibility reports, and other relevant documents.
- Submitting the application: Submitting the dossier to the competent investment management agency, such as the Department of Planning and Investment in the locality where the project will be implemented.
- Evaluation and approval: Authorities will assess the application and approve the project based on economic, technical, and environmental criteria.
- Business establishment: After receiving investment approval, investors must register their business in accordance with the Law on Enterprises.
- Construction and environmental permits: For projects involving factory construction, obtaining construction permits and conducting environmental impact assessments as required by law.
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