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Binh Dinh province attracts most Russian investment at $1 billion

Update: December, 09/2014 - 09:16
An oil rig of Russian-Vietnamese oil and gas joint venture Vietsopetro at Bach Ho (White Tiger) Mine. Russian investors poured US$1.95 billion into 104 projects in Viet Nam. — VNA/VNS Photo Huy Hung
HA NOI (VNS)  — Russia has directly invested about US$1.95 billion in 104 projects in Viet Nam, and ranks 17th among 101 nations and territories that are investing in the country.

The Planning and Investment Ministry's Foreign Investment Agency (FIA) announced this in a report late last week, adding that Russian capital investment averages $18.82 million per project, higher than the general average of $14.3 million for all foreign direct investments in Viet Nam.

In the first 11 months of this year alone, Russia had seven new projects and three projects with supplemented capital, registering a combined investment value of $11.17 million.

Russian investors have invested in 13 out of 18 economic sectors of Viet Nam. They have invested $1.12 billion in 32 projects in the manufacturing and processing sector, $581 million in seven projects in the mining industry, and $72.7 million in three projects in the real estate sector.

The oil and gas sector attracted six projects worth $531 million, or 27 per cent of all investments, noted the FIA.

There are 63 wholly Russian projects worth $1.26 billion, 33 projects worth $256 million that are joint ventures and four projects valued at $381 million that are business co-operation contracts, while two projects are being implemented as joint stock companies.

The investors are present in 24 out of 63 provinces and cities nationwide. The central Binh Dinh Province attracts the largest amount of Russian capital of $1 billion, followed by Ha Noi with $129.5 million, and the southern Ba Ria-Vung Tau Province with $52 million. — VNS

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