Vietnam attracts US$6.47 billion of FDI

Update: 14:48 | 28/02/2020
Foreign direct investment inflows to Vietnam in the first two months of 2020 were estimated at US$6.47 billion, down 23.6% against the same period last year, according to a report by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
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Illustrative image. (Photo: VGP)

As of February 20, the country lured 500 new projects with total registered capital of US$5 billion, a two-fold increase in capital year-on-year, while 151 existing projects have been injected an additional US$638.1 million, down 25.4% in volume.

The report showed that FDI disbursement fell by 5% to US$2.45 billion during the reviewed period.

Among 48 cities and provinces having received FDI in the two-month period, Bac Lieu ranked first, followed by Tay Ninh, Ho Chi Minh City, Ha Noi, Dong Nai and Binh Duong.

The local authorities of Bac Lieu granted an investment certificate to Singapore’s Delta Offshore Energy Pte Ltd Co to develop a US$ 4 billion LNG-fired thermal power plant in the province last month, making it the top recipient of FDI in the first two months this year.

The project, covering 40ha in Vinh Hau A Commune, Hoa Binh District, is the biggest foreign-invested project in the Cuu Long (Mekong) Delta region thus far.

The first two months also saw Singapore was the biggest investor in Viet Nam with US$4.12 billion. China came second with US$720.4 million, while the third place belonged to South Korea with US$425.4 million.

The foreign sector’s export revenues, including oil, reached US$25.51 billion, up by 0.9% compared with the same period of 2019.

Without oil revenue, exports by the foreign-invested enterprises were US$25.06 billion, up by 0.5%, the lowest increase in the past five years.

As of February 20, there were 31,345 active FDI projects in Viet Nam with total registered capital of US$369.4 billion, of which US$214.23 billion has been disbursed.

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(Source: VGP)