Vietnam attracts US$6.47 billion of FDI in first two months

Thursday, 2020-02-27 10:25:50
 Font Size:     |        Print
 

Power generation is the most attractive sector to foreign investors in the first two months of 2020.
 Font Size:     |  

NDO - Pledges of foreign direct investment (FDI) 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 the Foreign Investment Agency.

Data as of February 20 showed that FDI disbursement fell by 5% to US$2.45 billion during the reviewed period.

Investment licenses were granted to 500 new projects with a total commitment of US$5 billion, of which US$4 billion was pledged to a natural gas power plant project in the Mekong Delta province of Bac Lieu.

Such a huge investment made Bac Lieu the largest recipient of FDI and power generation the most attractive sector in the first two months of 2020.

Another US$638 million was added to 151 existing projects while foreign investors also spent US$827 million on capital contributions and share purchases.

Behind Bac Lieu on the list of the most attractive destinations were Tay Ninh province and Ho Chi Minh City, which received US$488.3 million and US$480.6 million, respectively.

The first two months of 2020 saw Singapore making the largest investment in Vietnam with US$4.12 billion, followed by China and the Republic of Korea with US$720.4 million and US$425.4 million, respectively.

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 a meagre 0.5%, the lowest increase in the past five years.

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