Foreign direct investment jumps in first four months

According to the Foreign Investment Agency under the Ministry of Planning and Investment, Vietnam issued investment licenses for 697 new foreign projects in that period with total registered capital of $5.08 billion, a huge increase of 89.9 percent compared with the same period last year.

As of April 19, 314 existing projects had registered a further $1.8 billion, rising 72.4 percent on-year.

Hai Phong attracted the most foreign investment in the first four months of 2016, with South Korea's LG Display investing $1.5 billion.

Following were retail, wholesale and auto repairs with $242.5 million.Science and technology projects came in second with 64 new projects and combined capital of $334 million.In the first four months of 2016, foreign investors focused on 19 fields with the processing and manufacturing industry leading the way with 299 newly registered projects and total newly registered and increased capital of $5.24 billion, making up 76.2 percent of the total registered investment capital in the first four months.

In the first four months of 2016, Vietnam drew money from 50 countries and territories. South Korea was the leading investment nation in Vietnam with total capital of $2.84 billion, accounting for 41.2 percent of foreign investment flowing into Vietnam.

Singapore stood in second position with combined total investment of $730 million (10.6 percent), followed by Taiwan with $664 million (9.6 percent).

Regarding locations in Vietnam, foreign investors poured money into 46 provinces in the first four months. The northern port city of Hai Phong was the most attractive destination, pulling in $1.66 billion from 13 new projects and eight existing projects, making up 24.2 percent of the national total. South Korea's LG Display contributed $1.5 billion of that total.

Dong Nai province ranked second with $724.7 million, making up 10.5 percent, while Hanoi was third with $663.6 million.