Vietnam lures US$5.46bil in foreign investment

A fruit vendor (L) waits for customers outside a temple in the old quarters of Hanoi, Vietnam. - AFP

HANOI, Feb 26 (Bernama): As much as US$5.46 billion worth of foreign direct investment (FDI) was injected into Vietnam as of February 20, equivalent to 84.4 per cent of the figure recorded in the same time last year, according to the Vietnam Ministry of Planning and Investment.

As many as 126 foreign projects were granted investment licences with total registered capital of US$3.31 billion, a year-on-year fall of 33.9 per cent, Vietnam news agency (VNA) reported.

Meanwhile, 115 existing projects adjusted their investment capital with a total additional sum of US$1.61 billion, or 2.5 times higher than the same time last year.

Capital contributions and shares purchases by foreign investors stood at US$ 543.1 million, down 34.4 per cent.

Foreign investors pumped capital in 17 sectors, with processing and manufacturing holding the lead with over US$ 3 billion or 55.7 per cent, followed by power production and distribution with US$ 1.44 billion (26.5 per cent), real estate US$ 485 million, and science-technology nearly US$ 153 million.

Japan topped the list of 46 countries and territories landing investment in Vietnam, with US$ 1.64 billion, equivalent to nearly 30 per cent of the total. Singapore came second with US$ 1.07 billion (19.6 per cent), and the South Korea third with US$ 1.05 billion (19.3 per cent).

The ministry said the southern province of Can Tho lured the lion’s share of FDI with US$ 1.31 billion, accounting for 24.2 per cent of the total. Hai Phong city was the runner-up since it attracted nearly US$ 918 million, or 16.8 per cent. Bac Giang came third with nearly US$ 573 million (10.5 per cent).

So far this year, the foreign-invested sector has earned US$ 38.07 billion from exports, up 34 per cent year-on-year, and making up 76.1 per cent of the nation’s total export turnover.

At the same time, it spent US$ 31.6 billion on imports, up 31.2 per cent year-on-year, and accounting for 66.6 per cent of the country’s total import value. That resulted in a trade surplus of nearly US$6.5 billion. - Bernama

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