Foreign investment rises nearly 180 pct

By Hung Le January 29, 2020 | 07:01 pm PT

A woman welds a table at a furniture factory outside Hanoi, Vietnam, April 5, 2018. Photo by Reuters/Kham.

Pledged foreign direct investment in Vietnam was up 179.5 percent year-on-year in January to $5.3 billion, the General Statistics Office reported.

Of the amount, $4.5 billion went into 258 newly licensed projects, a 450 percent rise. Around $334 million went toward supplementing investment in existing projects, and $534.8 million was used to acquire stakes in local companies.

The electricity sector attracted the bulk of the investment -- $4.04 billion -- according to the Foreign Investment Agency (FIA). The manufacturing sector was second with $856.3 million followed by technology and wholesale and retail.

The actual FDI disbursed in January was $1.6 billion, up 3.2 percent year-on-year.

Among 59 countries and territories invested in Vietnam, Singapore led with $4.16 billion, or 78.1 percent of all FDI pledged, followed by South Korea with $264.5 million.

Vietnam invested $3.97 million abroad in January, with the U.S, Japan, Cambodia, and South Korea being the biggest recipients, according to the FIA.