The period 2020–2025 was marked by considerable volatility in global foreign direct investment (FDI), driven by the COVID-19 pandemic, supply chain disruptions, geopolitical competition, and the restructuring of international production networks. Against this backdrop, Vietnam continued to maintain relatively strong FDI attractiveness, with total registered FDI of approximately USD 203.44 billion and disbursed FDI of USD 138.27 billion; disbursed FDI increased from USD 19.98 billion in 2020 to USD 27.62 billion in 2025. The study employs a qualitative approach, combining descriptive statistics, longitudinal comparison, literature synthesis, and policy analysis, drawing on official data from Vietnamese authorities and international organizations. The findings indicate that the resilience of FDI in Vietnam is reflected most clearly in the relatively steady increase in disbursed capital. Nevertheless, the quality of FDI continues to face significant constraints, particularly with respect to linkages with domestic enterprises, technology transfer, research and development (R&D), and domestic value added. The study finds that Vietnam’s FDI advantages are shifting from a predominantly low-cost proposition toward a broader combination of institutional stability, geoeconomic location, trade integration, infrastructure, and an increasingly established production ecosystem. However, these advantages do not automatically translate into technological upgrading. The authors argue that Vietnam needs to move from a quantity-oriented approach to FDI attraction toward a quality- and linkage-oriented strategy, with investment incentives tied to R&D, human capital development, supplier development, innovation, and the green transition. These findings offer policy implications of practical relevance to emerging economies.

Nguyen Thi Thanh Huyen, Tran Viet Tuan,"Vietnam’a FDI Attraction Performance During 2020–2025: Lessons Learned, Policy Implications, and Recommendations for Emerging Economies" International Journal of Advanced Multidisciplinary Research and Educational Development, V2(5): Page(153-164) September - October 2026. ISSN: 3107-6513. www.ijamred.com. Published by Scientific and Academic Research Publishing.