Vietnam is estimated to have attracted a total pledged foreign direct investment (FDI) of US$10.453 billion in the first eight months of this year, down 81.6% on-year, according to a senior official of the Ministry of Planning and Investment (MPI).
Between January and August, Vietnam licensed 504 new FDI projects worth US$5.625 billion, down 89% from a year earlier, said the Head of the MPI’s Foreign Investment Agency, Phan Huu Thang.
Over the period, the country allowed 149 existing projects to raise their capital by US$4.82 billion, up 3.8% from a year ago, showing the confidence of foreign investors in the country’s economic recovery and potential.
In the eight-month period, the country estimated FDI disbursement at US$6.5 billion, down 8.5% against the corresponding time last year, Thang said.
The official added that the services sector is the most attractive to foreign investors in Vietnam so far this year, attracting US$4.46 billion. Of the sum, US$755 million was pledged to 20 new projects, while US$3.8 billion went into three existing projects.
It was followed by the manufacturing and processing industry, drawing a total investment of US$2.32 billion, including US$1.74 billion from two new projects, one by the China Steel Corp. and one by Japan’s Sumitomo Metal.
The southern province of Ba Ria-Vung Tau was the most favorite destination for FDI firms in the period, luring in US$6.48 billion. The runners-up were Ho Chi Minh City with US$1.04 billion, Binh Duong province with US$755 million, Hanoi with US$367 million and Dong Nai province with US$281 million.
This year, the Southeast Asian country targets to pull in US$20 billion FDI with a disbursement of US$9 billion. (Youth, VNA, Saigon Liberation)
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