HCMC – South Korean investments in affiliated firms in Vietnam ranked first between 2016 and 2020, according to a recent report by the General Statistics Office.

Foreign-affiliated firms are known as businesses with a foreign ownership of over 50%.

During the period, there were 5,663 South Korean affiliates in Vietnam, with a total investment of VND1,680 trillion, followed by 3,036 firms of Japan and 2,585 of China.

South Korea also took the lead in terms of the investment value in the affiliated firms, with ASEAN countries as a whole and Japan ranking second and third, respectively. Vietnam had 19,113 international affiliates out of 22,242 foreign-invested companies as of 2020.

Some 5,878 affiliated firms were located in HCMC, compared to 3,192 in Hanoi.

Foreign affiliates in Vietnam reported an average annual increase of 14.3% from 2016 to 2020, with profit growing 15.7% per year.

In 2020, the businesses accounted for 98.8% of export earnings in the FDI sector and 74.8% of the economy’s total exports.