Foreign investment rockets in Vietnam to reach $10 billion in first five months

By Dam Tuan   May 26, 2016 | 03:29 pm GMT+7
Foreign investment rockets in Vietnam to reach $10 billion in first five months
Vietnam witnessed strong FDI growth in the first five months. Photo by Vietnamnews

Vietnam enticed more than $10 billion in FDI in the first five months of 2016, more than double the figure from the same period last year, with South Korea once again leading the way.

Vietnam welcomed $10.1 billion in FDI, an increase of 136.4 percent on-year. Capital disbursement was estimated as $5.8 billion, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

In the first five months, 907 new projects were registered with investment of $7.56 billion, climbing 155.9 percent from the same period last year. Vietnam also allowed 425 projects to increase their investment with a combined total of $2.59 billion, rising 93.3 percent on-year.

In the first five months of 2016, foreign investors focused on 19 fields with the processing and manufacturing industry leading the way with 398 newly registered projects and total newly registered and increased capital of $6.61 billion.

Following were information and communications projects with $1.3 billion. Real estate projects came in third with a combined capital of $542.8 million.

Vietnam received investments from 60 nations and territories in the first five months. South Korea is currently the country's largest investor with a combined total of $3.42 billion, followed by Luxembourg and Singapore.

Regarding location, foreign investors poured money into 50 provinces in the first five months. Hanoi was the most attractive destination pulling in $1.96 billion from 139 new projects and 41 existing projects.

The port city of Hai Phong province ranked second with $1.71 billion while Dong Nai was third with $921.8 million.

These figures are big jump from the previous month and indicate that the country's business environment is improving.

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