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VietNamNews

Foreign investment plunges during first seven months

Update: July, 28/2012 - 08:23

HA NOI — Viet Nam attracted US$8 billion in foreign direct investment (FDI) during the first seven months of this year, down by 67 per cent year-on-year, according to the Foreign Investment Agency's latest statistics.

As many as 584 new foreign-invested projects, worth $5.2 billion, were granted licences during the period, about 56 per cent of the number at the same time last year.

However, capital in existing projects surged. More than 230 projects registered to increase their capital by a total of $2.83 billion, a yearly increase of 5.2 per cent.

During January-July, FDI disbursement almost equalled that for the same period last year, reached $6.25 billion or 99.2 per cent of last year's figure.

Of the 49 countries and territories supplying FDI to Viet Nam, Japan remained the largest source of foreign investment. Japanese investors registered to invest $4.29 billion, making up 53.4 per cent of total FDI.

Samoa surprisingly came second, pumping in $890 million or 11 per cent of total FDI. It was followed by South Korea with more than $600 million and Hong Kong with $492 million.

The processing and manufacturing industry took lead in term of investment capital, gobbling $5.5 billion or 68.5 per cent of total national FDI.

Southern Binh Duong Province's $1.2 billion Tokyu Binh Duong urban area, the largest in seven months, lifted real-estate to second position at $1.61 billion. The project accounted for 20 per cent of the total FDI.

The retail trade and repair sector attracted the third largest FDI at $314 million.

In January-July, the southern provinces of Binh Duong and Dong Nai, the northern port city of Hai Phong, northern Bac Giang Province and the economic hubs of HCM City and Ha Noi remained the most attractive locations for foreign investors. — VNS

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