Manufacturing remains atop FDI list

By Huong Thuy   August 30, 2018 | 09:52 am GMT+7
Manufacturing remains atop FDI list
Manufacturing accounts for the biggest share of Vietnam's FDI. Photo by Reuters

Manufacturing continued to account for the lion’s share of the foreign direct investment pledges in Vietnam in the first eight months of the year.

The sector received $10.72 billion, equivalent to 44 percent of the total registered FDI of $24.35 billion.

Real estate was second with $5.9 billion followed by wholesale and retail with $1.87 billion.

In the year to August 20, $13.48 billion worth of investment was pledged in 1,918 projects, up 0.2 percent year-on-year.

Around $5.5 billion worth of additional investment came into 736 existing projects, down 12.8 percent. Acquisitions by foreign investors were worth $5.3 billion, up 51 percent.

Overall, FDI was up 4.2 percent.

The biggest project so far this year has been Japan’s Sumitomo Corporation’s $4.14 billion smart city project in Dong Anh District, Hanoi.

South Korea’s Hyosung Corporation was licensed to produce polypropylene and build an underground storage for liquefied natural gas (LNG) in a $1.2 billion project in Ba Ria-Vung Tau.

The other notable one was Laguna Vietnam’s $1.12 billion expansion plan to add a casino to its existing resort in Thua Thien-Hue Province.

South Korea’s LG Innitek received a license to increase its investment by an additional $501 million to make camera modules.

Hanoi was the largest recipient with $5.93 billion. HCMC was second with $4.42 billion followed by Ba Ria-Vung Tau with $2.17 billion.

Japan was the largest investor in terms of registered capital with $7 billion, followed by South Korea with $5.16 billion and Singapore with $3.47 billion in the period.

FDI disbursement reached $11.25 billion, up 9.2 percent against 2017.

Foreign-owned companies’ exports (excluding crude oil) topped $108.79 billion , up 14.2 percent and accounting for 70 percent of total exports.

Their imports were worth $90.8 billion, up 11.4 percent and accounting for 59.4 percent of the country's imports.

 
 
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