FDI hits US$3.4 billion in first two months

Friday, 2017-02-24 17:33:40
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The manufacturing and processing industry remains the most attractive area to foreign investors.
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NDO/VNA—Foreign direct investment (FDI) in Vietnam reached US$3.4 billion in the first two months of the year, up 21.5% compared to the same period last year, the Foreign Investment Agency’s latest statistics has revealed.

Up to 313 new foreign-funded projects, with a capital of more than US$2 billion, received licences during the period, up 6.5% year on year. Meanwhile, 137 existing projects received approval to expand their capital by an additional US$760 million in total, equal to 84.5% of the same period in 2016.

In the period between January and February, foreign investors channelled a total of US$619 million into local businesses by purchasing their stocks, four times higher than last year’s figures for the corresponding period, according to the data.

The period also saw a slight increase in FDI disbursement at US$1.55 billion.

FDI capital was poured into eighteen industries and sectors in two months. The manufacturing and processing industry remained the most attractive area to foreign investors, followed by real estate, wholesale and retail sales.

Singapore remained Vietnam’s largest source of FDI with US$881.6 million, accounting for 25.8% of the nation’s total FDI. China and the Republic of Korea ranked second and third with US$721 million and US$637 million, respectively.

Up to 47 localities nationwide have received FDI in the course of the past two months. Of them, the southern province of Binh Duong took the lead with US$791 million or 23.2% of the total FDI registered in the country. It was followed by the capital city with US$519 million and the southern economic hub of Ho Chi Minh City with US$464.2 million.

Among the large-scale foreign-funded projects during the period were the US$285 million Vietnam-Singapore Industrial Park 3, which is being developed in Binh Duong, and a Chinese-funded polyester and fibre manufacturing plant in Tay Ninh Province worth US$220 million.