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FDI treads water

By Dy Tung   November 26, 2021 | 09:00 pm PT
FDI treads water
Workers at an air conditioner making factory in northern Hung Yen Province. Photo by VnExpress/Vien Thong
Foreign direct investment pledges has been worth $26.5 billion, almost exactly the same as in the comparable period in 2020.

The Ministry of Planning and Investment, announcing this, said nearly $14.1 billion flowed into 1,577 new projects, 3.8 percent up year-on-year, with the rest going into existing ones.

Over $14 billion was invested in the processing and manufacturing sector and $5.7 billion in electricity generation and distribution.

Other sectors attracting major investment were real estate, retail and wholesale.

Singapore was the leading source of investment with over $7.6 billion, though there was a decline of 5.9 percent, followed by South Korea and Japan.

The southern province of Long An was the biggest recipient with nearly $3.8 billion, including $3.1 billion in a power project, followed by HCMC with $3.4 billion, the northern city of Hai Phong, the southern province of Binh Duong, the southern city of Can Tho, and the northern province of Quang Ninh in that order.

Disbursed FDI in the first 11 months was estimated at $17.1 billion, down 4.2 percent year-on-year.

Last year had seen a 25 percent year-on-year fall in FDI investment to $28.5 billion as the Covid-19 pandemic prevented air travel and dampened investor sentiment.

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