Covid hits Vietnam FDI
Covid hits Vietnam FDI
Foreign direct investment pledges fell by 25 percent this year to $28.5 billion as the Covid-19 pandemic prevented air travel and dampened investor sentiment.
Workers assemble cars in a factory of Ford in the northern province of Hai Duong. Photo courtesy of Ford Vietnam.
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Some $14.6 billion went into new projects, $6.4 billion into existing ones and $7.5 billion into mergers and acquisitions, according to the General Statistics Office.
Of the new investment, over 49 percent went into manufacturing and nearly 35 percent into power generation and distribution.
Of the 79 countries and territories that invested in Vietnam this year, Singapore led with $6.2 billion followed by mainland China (10.8 percent), Taiwan (10.3 percent), Hong Kong (8.7 percent), and South Korea (8.2 percent).
Major investments include $4 billion in a liquefied natural gas-fired power plant in the Mekong Delta province of Bac Lieu by a Singaporean company, and $1.39 billion in the Long Son Petrochemicals in the southern province of Ba Ria-Vung Tau by its Thai owner.
In 2019 FDI had risen by 7.2 percent to $38 billion, a 10-year high.
