Vietnam Jan-July FDI inflows up 3.8% y/y to US$10.5bill; factories in HCM City to remain open

Workers at a company in HCM City live temporarily in tents to ensure safety while maintaining production. - Vietnam News/ANN

HANOI, July 26 (Reuters): Vietnam received US$10.5 billion in foreign direct investment (FDI) in the first seven months of the year, up 3.8% from a year earlier, the Ministry of Planning and Investment said on Monday.

FDI pledges - which indicate the size of future FDI disbursements - dropped 11.1% from a year earlier to $16.7 billion, the ministry said in a statement.

Of the pledges, 47.2% are due to be invested in manufacturing and processing, while 32.8% are targeting gas, water and electricity distribution, it said.

Singapore was the top source of FDI pledges in the period, followed by Japan and South Korea, it added.

Meanwhile, many Ho Chi Minh (HCM) City companies that had to close down after some of their workers were found to be infected with COVID-19 have got approval from authorities to reopen after their on-site lodging facilities for workers and epidemic prevention plans were verified, reports Vietnam News.

After closing down for almost 10 days as seven workers were found infected, Nidec Vietnam at the Saigon Hi-Tech Park with 6,000 employees has resumed operations though output is less than 10 per cent of normal.

With 475 employees, including security guards and canteen workers, staying on-site, the factory is focusing on producing important models and urgent orders.

HCM City, now the country’s coronavirus hotspot, has 1.6 million factory workers, with the 17 export processing zones, industrial parks and high-tech parks accounting for exactly a fifth.

According to data from HCM City trade union, more than 3,000 workers have been infected so far.

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Vietnam , FDI , Inflow , y/y , Increase , Jan - July


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