Foreign investment rises 40.5%
Foreign investment rises 40.5%
Foreign investors have poured US$10.95 billion into new and operational foreign direct investment (FDI) projects and into buying stakes in local companies in the first four months of 2017, up 40.5 per cent from the same period last year, according to the Foreign Investment Agency (FIA).
Of the amount, about $4.88 billion was drawn into 734 new FDI projects during the period, down 4 per cent year on year, while $4.36 billion landed in 345 existing ones, a jump of 241.8 per cent, the FIA said.
Foreign investors spent $1.35 billion to purchase stakes in local firms, up 106.8 per cent.
By April 20, FDI projects in Viet Nam disbursed $4.8 billion, a year-on-year increase of 3.2 per cent.
FDI firms dominated Vietnamese exports with $44.05 billion worth of commodities and services, including crude oil, during the period, accounting for 71.82 per cent of the country’s total export turnover.
Excluding crude oil, exports by FDI companies reached $43.12 billion, up 15.8 per cent year on year.
Processing and manufacturing drew a majority of total FDI, approximately 70 per cent, with $7.36 billion.
It was followed by mining ($1.28 billion) and retail and wholesale ($546.68 million). The Republic of Korea ranked first out of 83 countries and territories investing in Viet Nam with $4.05 billion. Japan came second with $1.85 billion, followed by Singapore with $1.1 billion.
The northern province of Bac Ninh led in attracting FDI with $2.7 billion, accounting for 25.51 per cent of the total amount. It was followed by the southern provinces of Binh Duong and Kien Giang, $1.53 billion and $1.28 billion, respectively.
