Total realised investment capital reached 744.7 trillion VND (28.26 billion USD) in the January–March period, up 10.7% year-on-year and higher than the 9.4% growth recorded in the same period of 2025.

Growth was broad-based across all three economic sectors. The non-State sector remained the largest contributor, with 402.4 trillion VND, accounting for 54.1% of the total and rising 9.8% year-on-year.

The State sector recorded 207.2 trillion VND, making up 27.8% and increasing 11.6%, while the foreign-invested sector reached 135.1 trillion VND, or 18.1%, up 11.8%.

State budget-funded investment was estimated at 133.2 trillion VND, equivalent to 14.5% of the annual plan and up 12.1% compared to the same period last year. Of this, centrally managed capital totalled 18.6 trillion VND, fulfilling 10% of the yearly target, while locally managed funds reached 114.6 trillion VND, or 15.7%. Notably, commune-level budget investment surged 23.5%, significantly outpacing the 9.2% growth at the provincial level.

Foreign direct investment (FDI) inflows also saw robust expansion. As of March 31, total registered FDI reached 15.2 billion USD, up 42.9% year-on-year. Newly registered capital accounted for 10.23 billion USD across 904 projects, up 6.4% in project numbers and 2.4 times in value.

Manufacturing and processing continued to dominate, attracting 7.07 billion USD, or 69% of newly registered capital, followed by electricity, gas and water production and distribution with 2.28 billion USD, representing 22.3%.

Adjusted capital declined to 2.3 billion USD, down 55.1%, while capital contributions and share purchases surged to 2.66 billion USD, 2.3 times higher than a year earlier, driven largely by wholesale, retail, and vehicle repair activities.

Disbursed FDI reached 5.41 billion USD, up 9.1% year-on-year and the highest first-quarter figure in the past five years, with manufacturing accounting for the lion’s share.

Meanwhile, Viet Nam’s outbound investment climbed to 619.9 million USD, 2.6 times higher than the same period last year, with Laos remaining the largest recipient.

Despite the positive momentum, experts cautioned that the spillover effects of public investment remain limited, potentially constraining its role as a key growth driver amid subdued consumption and export recovery.