Vietnam Jan-May FDI falls 34% yr-on-yr to $5.5bn
Vietnam Jan-May FDI falls 34% yr-on-yr to $5.5bn
Vietnam drew more than US$5.5 billion in foreign direct investment (FDI) in the first five months of 2014, down over 34 percent from a year earlier, the Foreign Investment Agency said on Tuesday.
As of May 20, new investment, from 500 newly-licensed projects, stood at $3.66 billion, down 17 percent year on year, while added investment in 167 projects was worth $1.84 billion, a massive 53.6 percent decline from a year earlier, the FIA, under the Ministry of Planning and Investment, reported.
FDI inflows from January to May thus fell 34.3 percent to $5.509 billion from the same period last year, according to the agency.
Most of the new investment, $3.92 billion, went to the manufacturing industry, while the construction sector came behind, receiving $463.17 million in FDI.
In the year to date, Vietnam has received FDI projects from 38 nations and territories, with South Korea becoming the country’s largest foreign investor with $1.31 billion investment. It was followed by Hong Kong ($629.9 million) and Japan ($588.6 million).
The southern province of Binh Duong remains the locality that attracted the most FDI, $813.59 million.
Ho Chi Minh City came second with $775.62 million in FDI influx, followed by Dong Nai, Quang Ninh, Tay Ninh, and Hai Duong.
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