Vietnam’s FDI tops $24.3 bn for first 8 months
VIETNAM’S foreign direct investment (FDI) commitments in the first eight months totalled US$24.35 billion, up 4.2 per cent year on year, according to the country’s Foreign Investment Agency (FIA).
During the reviewed period, FDI disbursement also saw a positive increase of 9.2 per cent to US$11.25 billion, the FIA, which is under the Ministry of Planning and Investment, has said.
Up to 1,918 new projects were granted licences with total registered investment capital of US$13.48 billion between January and August, up 0.2 per cent from the same period last year, while 736 operating projects were injected with an additional US$5.58 billion, equivalent to 87.2 per cent of last year’s corresponding period.
Notably, overseas players spent $5.28 billion on acquiring shares in Vietnamese companies in the first eight months, shooting up 51 per cent year on year. Among the largest-scale projects were the Japanese Sumitomo Corporation’s smart city project in Hanoi’s Dong Anh District, capitalised at over $4.13 billion; a $1.2-billion polypropylene manufacturing plant, financed by South Korean Hyosung Corporation in Ba Ria-Vung Tau and the Singapore-invested Laguna hospitality project with additional funds of $1.12 billion. Others included the $600-million Lotte Mall Hanoi project which will include a hotel, apartment, office, and trade centre complex and the LG Innotek Hoi Phong facility with additional capital of $501 million for manufacturing camera modules.
Manufacturing and processing remained the most appealing sector by attracting $10.72 billion in eight months, accounting for 44 per cent of the total investment inflow. It was followed by real estate trading with $5.9 billion (24.2 per cent) and retail and wholesale with $1.87 billion (8 per cent).
Japan continued to be Vietnam’s leading source of foreign investment with $7 billion, making up nearly 30 per cent of the country’s total FDI. South Korea ranked second with $5.16 billion (21.2 per cent), while Singapore came next with $3.47 billion (14 per cent).
In the first eight months, the capital city lured the largest share of registered capital with $5.93 billion, or 24.4 per cent of total investment. It was followed by Ho Chi Minh ity with $4.42 billion or 18.2 per cent of total investment and the southern province of Ba Ria-Vung Tau with $2.17 billion, accounting for 9 per cent of total investment.
From January to August, foreigninvested businesses gained a trade surplus of approximately $17.9 billion with exports topping US$110.3 billion, 14 per cent higher than the same period last year, and imports hitting $90.8 billion, up 11.4 per cent on year.
As of August 20, the country had 26,438 foreign-invested projects with total registered capital of $333.83 billion, and over half of the FDI had been disbursed, the agency noted.
During the eight-month period, Vietnamese businesses pumped $314 million into 115 projects aboard, statistics from FIA also revealed.