ASEAN investors have poured US$17.5 billion into Vietnam so far this year, accounting for 40 per cent of the country’s total foreign direct investment (FDI) in the period, Vietnam News Agency reported.
Oil-rich Brunei was ASEAN’s biggest investor in Vietnam with 14 projects valued at US$4.41 billion, including New City Properties Development Company’s project to build complex of luxury hotels, resorts and amusement facilities in central Phu Yen province makes up US$4.3 billion.
Brunei has jumped from 27th place to 10th out of 81 countries and territories investing in Vietnam since the start of this year.
Malaysia pledged to invest US$5.07 billion into 28 new projects including the US$3.5-billion by Berjaya Leisure Corporation to build a university urban area being the largest.
Singapore is ranked the third with US$4.02 billion in 48 projects, including a US$1.2 billion telecom joint venture in the southern hub.
The country licensed 16 projects worth US$4 billion for Thai firms. The Long Son oil refinery plant in Ba Ria-Vung Tau accounts for US$3.7 billion of that amount.
Following were other ASEAN investors including the Philippines with 37 projects valued at US$277 million, Indonesia with 21 projects (US$178 million), Laos with nine projects US$48 million, and Cambodia with six projects (US$6 million).
To date, ASEAN-member countries have invested US$33.85 billion in 1,086 projects in Vietnam, holing 25 per cent of the country’s total FDI.
ASEAN’s projects concentrate on the areas of real estate, manufacturing, tourism, trading, food and drinks processing.
Vietnamese businesses are also boosting investments in ASEAN countries with 190 projects reaching US$1.66 billion so far.
Laos remains the most attractive destination for Vietnamese companies with 123 projects worth US$1.28 billion. The runners-up are Malaysia with 34 projects (US$163 million), Cambodia with 34 projects (US$153 million) and Singapore with 19 projects (US$29 million).
The country has injected US$21 million into three projects in Indonesia and US$10 million in four projects in Thailand.
Vietnamese investment in ASEAN countries is mainly in hydropower projects, trading, transportation, health care, rubber farming, timber exploitation, and services.
Vietnam has incurred trade deficits with ASEAN countries, including Singapore, Malaysia and Thailand for a decade, said the Ministry of Industry and Trade.
The two-way trade between Vietnam and ASEAN bloc rose from US$3.49 billion in 1995 to US$18.9 billion in 2006, according to the General Statistics Office (GSO).
However, Vietnam’s trade deficit with these countries climbed to US$6.18 billion in 2006 from US$2.26 billion in 2002. Vietnam often imports goods from ASEAN via Singapore due to low capacity of Vietnamese ships.
ASEAN now accounts for nearly 35 per cent of Vietnam’s total import turnover and 16 per cent of the total export market share. (VNA)
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