FDI hits $3.4 billion in first two months

February 24, 2017 | 09:56

(0) user say

Foreign direct investment (FDI) in Viet Nam reached US$3.4 billion in the first two months of the year, up 21.5 per cent, compared to the same period last year, the Foreign Investment Agency’s latest statistics has revealed.

FDI hits $3.4 billion in first two months

A photo taken Viet Nam-Singapore Industrial Park in Binh Duong Province. Singapore remained Viet Nam’s largest source of FDI with $881.6 million, accounting for 25.8 per cent of the nation’s total FDI.-Photo nhadattaibinhduong.com

Up to 313 new foreign-invested projects, with a capital of more than $2 billion, received licences during the period, up 6.5 per cent year-on-year. Meanwhile, 137 existing projects received approvals to expand their capital by an additional $760 million in total, equal to 84.5 per cent of the same period in 2016.

In the period between January and February, foreign investors channelled a total of $619 million into contributing towards capital, or for purchasing stocks in the businesses in the country, four times higher than last year’s figures for the corresponding period, according to the data.

The period also saw a slight increase in FDI disbursement at $1.55 billion.

FDI capital was poured into 18 industries and sectors in two months. The manufacturing and processing industry remained the most attractive area to foreign investors, followed by the real estate, wholesale, and retail sales.

Singapore remained Viet Nam’s largest source of FDI with $881.6 million, accounting for 25.8 per cent of the nation’s total FDI. China and South Korea ranked second and third with $721 million and $637 million, respectively.

Up to 47 localities nation-wide received FDI in two months. Of them, southern Binh Duong province took the lead with $791 million or 23.2 per cent of the total FDI registered in the country. It was followed by the capital city with $519 million and southern economic hub of HCM City with $464.2 million.

Among large-scale foreign-invested projects during the period were a $285 million Viet Nam-Singapore Industrial Park 3, being developed in Binh Duong and a China-investedpolyester and fiber manufacturing plant in Tay Ninh Province worth $220 million.

VNS

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional