Jan-Aug’s FDI merely reaches 60 per cent of annual target

August 25, 2016 | 16:25

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Vietnam is aiming to have an average of $2.5 billion in foreign direct investment (FDI) capital newly registered per month from now until the end of this year so as to ensure the country’s annual FDI goal within reach.

According to statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment on August 23, the country’s newly registered and expanded FDI has reached $14.4 billion in the first eight months of this year, meeting 58.8 per cent of the annual target at $24.5 billion in inbound investment.

The statistics show that between January and August, Vietnam licensed 1,619 newly-registered foreign invested projects with the total sum of $9.8 billion, up 24.3 per cent on-year, and 770 expanded investment projects worth $4.6 billion, equalling 83.7 per cent on-year. During the same period, the disbursed FDI increased by 8.9 per cent on-year, to $9.8 billion.

In August alone, $1.1 billion in newly-registered capital went into 211 projects and 110 projects received additional funds of altogether $325.8 million. The disbursed capital reached $1.25 billion.

Vietnam’s manufacturing and processing sector ranked first in attracting FDI capital, with the total $10.53 billion in 678 newly-registered projects and 551 expanded projects, nearly three quarters of the country’s FDI. The runner-up was the property sector with 34 projects worth $836.2 million.

South Korea became the biggest investor with the total committed capital of $4.8 billion during January and August. Other big investors are Singapore and Japan with $1.67 billion and $1.46 billion, respectively.

The northern port city of Haiphong remained in the lead thanks to South Korean LG Electronics’ new $1.5 billion hi-tech screen (OLED) production project, increasing the total registered FDI sum in city to $2.02 billion. The runners-up are Hanoi with $1.78 billion, the southern province of Dong Nai with $1.59 billion, and the southern province of Binh Duong with $1.38 billion.

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