FDI down 15.6 pct

By Thuy Tien February 26, 2021 | 07:00 pm PT

Employees work at the assembly plant of an FDI car factory in Hai Duong Province, northern Vietnam. Photo by Reuters/Kham.

Foreign direct investment pledges in the first two months fell 15.6 percent year-on-year to $5.46 billion, according to the Foreign Investment Agency.

The investment came into 17 sectors, led by manufacturing with over $3 billion and the power sector with around $1.44 billion and property with $485 million.

Japan was the leading investor with $1.64 billion, followed by Singapore and South Korea.

The investments went to 43 provinces and cities, including $1.31 billion to Can Tho City, $918 million to Hai Phong City and $573 million to Bac Giang Province.

Some of the major projects into which the FDI went include the $1.3 billion O Mon 2 Thermal Power Plant in the southern city of Can Tho by a joint venture between Vietnam Trading Engineering Construction JSC and Japan’s Marubeni Corporation, a $270-million plant to manufacture laptops and tablets in Bac Giang by Taiwan’s FuKang Technology Company and $750 million into LG Display’s existing facility in Hai Phong.

Foreign direct investment pledges fell by 25 percent 2020 to $28.5 billion as the Covid-19 pandemic prevented air travel and dampened investor sentiment.