Singapore leads ASEAN investors in VN in January
Singapore leads ASEAN investors in VN in January
Viet Nam drew US$1.423 billion in both new and additional foreign direct investment (FDI) in January, up 23% year on year, according to the General Statistics Office.
Singapore was the biggest foreign investor, accounting for nearly one third of the total investment in Viet Nam, followed by the Republic of Korea and China. Singapore’s investment projects have proved effective, greatly contributing to Viet Nam’s job generation, export and economic growth. Notably, the Viet Nam-Singapore (VSIP) Industrial Zone is a symbol of the friendship and cooperation between the two countries.
The Foreign Investment Agency estimated that disbursement was estimated at US$850 million, an 6.3% increase over the same month last year, helping to lessen pressure on the nation’s balance of payments and exchange rate. They have been present in 55 of 63 cities and provinces, mainly in Ho Chi Minh City, Ha Noi, southern Ba Ria-Vung Tau and Binh Duong, central Ninh Thuan and northern Hai Duong provinces.
In the first month of this year, FDI pledges mainly flowed to the manufacturing sector, with 834.9 million or more than two thirds of total investment, followed by US$297.4 million in the property sector.
In the month, the southern province of Binh Duong was the largest recipient of FDI, attracting over US$666 million. Bac Giang and Ba Ria – Vung Tau came in second and third with US$159.5 million and US$108.7 million, respectively.
The two economic hubs of Ho Chi Minh City and Ha Noi received respective pledges of US$ 75.2 million and US$30 million.
