Taiwan raises manufacturing FDI in Vietnam for supply chain diversification: Savills
Taiwanese manufacturers ramped up investment in Vietnam from 2022 to 2023, indicating their seriousness in diversifying their supply chains to Southeast Asia after the pandemic, according to Savills Vietnam.
Taiwan’s newly registered manufacturing foreign direct investment (FDI) in 2023 was $1.87 billion, which is almost a staggering 8.7 times that of 2022.
In H1/2024, Vietnam attracted over $513 million in new Taiwanese manufacturing investments, with expectations of further substantial increases by the year-end when more major electronics projects complete their registrations, said John Campbell, associate director, Industrial Services Savills Vietnam.

Taiwanese manufacturing FDI, 2018-H1/2024. Source: Ministry of Planning and Investment, Savills Vietnam, 2024.
A growing number of Taiwanese manufacturers have established firm footholds in Vietnam to diversify supply chains and mitigate product risks, among them electronics giants like Foxconn, Pegatron, Compal, and Wistron.
Vietnam is ambitious to become a semiconductor hub, whilst Taiwan is renowned for its successful semiconductor industry and could therefore offer valuable expertise that Vietnam can leverage to achieve its objectives.
Northern Vietnam is expected to continue attracting Taiwanese electronics and semiconductor investments, whilst the southern region is likely to receive mid-value-added manufacturing projects.

A Foxconn factory in Bac Giang province, northern Vietnam. Photo courtesy of VOV.
Taiwanese investors favor Vietnam’s young and increasingly skilled workforce, stable business environment, competitive labor and construction costs, geographical location near source and destination markets, and its active participation in a multitude of free trade agreements.
Vietnam attracted FDI of $36.6 billion in 2023, increasing over four-fold from 2022. Taiwan was the sixth largest contributor with $2.88 billion, representing 8% of total registered FDI and up 13% from 2022.
This performance reinforced the strong economic ties and long-standing relationship between the two economies. Electronics remain the largest manufacturing industry in Taiwan in 2023.
H1/2024 Taiwanese manufacturing FDI
In H1/2024, Vietnam attracted registered FDI totaling $15.18 billion, up 13% year-on-year. Manufacturing accounted for 70% registering $10.68 billion, up a significant 26% year-on-year. Of these, 541 new manufacturing projects were registering $6.82 billion, 390 existing manufacturing projects increasing capital, and 190 projects with capital contributions and share purchases.
In terms of total registered FDI, Taiwan was the sixth largest contributor with $1.05 billion or 7% of the total, with 88 new projects registering $529.8 million, 46 existing projects increasing capital of $392.9 million, and 93 projects with capital contributions and share purchasing amounting to $129 million.
Taiwan had 39 new manufacturing projects registering $513.37 million in the first six months of the year, representing 49% of Taiwan’s total FDI during the period. Of which, 22 projects were in northern Vietnam and 17 were in southern Vietnam.
Although the North had more new Taiwanese manufacturing projects, the South received the bigger portion with $285.4 million or 56% mostly due to a significant investment of $250 million by Tripod Technology in Chau Duc Industrial Park in Ba Ria-Vung Tau province.

Largest Taiwanese manufacturing projects, H1/2024. Source: MPI, Savills Vietnam, 2024.
Of the 39 new Taiwanese manufacturing projects in H1/2024, 24 were land deals and 15 were factory deals. Land deals dominated in revenue, accounting for 92% of investment capital.
However, factory deals, comprising 38% of the total number of projects, indicate growing demand from a variety of Taiwanese manufacturers, from suppliers to large electronic conglomerates to mid-value-added industries and SMEs. These companies typically don't require large land bank and prefer shorter lease terms due to reliance on customer contracts.
This demand provides opportunities for Vietnam’s factory and warehouse developers. For example, BW Industrial Development JSC, the largest industrial rental developer in Vietnam, now hosts an impressive 18 Taiwanese tenants, including Jusda, Sable Speaker Solutions, FSP Group, and Alltop.
By province, Ba Ria-Vung Tau had the lion’s share with $264.1 million or 51% thanks to Tripod Technology Corporation. While a heavy majority of Taiwanese electronic investments move to the northern region, Tripod’s investment in Sonadezi Chau Duc Industrial Park demonstrates the potential of its southern counterpart.
Thanh Hoa followed in second place with 23% and Ha Nam held third place with 8% but had the highest number of projects with six new Taiwanese manufacturing investments.

Newly registered Taiwanese manufacturing by province, H1/2024. Source: MPI, Savills Vietnam, 2024.
By industry, electronics was in first place with four projects totaling $255 million or 50%. Wearing apparel was in second place accounting for 24% with five projects, followed by electrical equipment with 11% and seven projects. Wistron Corporation followed Tripod Technology as the second largest Taiwanese electronics manufacturing investment in H1/2024 with $24.5 million.
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