Vietnam's Jan-Mar FDI pledges hit $2.7bln

By    March 24, 2016 | 11:43 pm PT
New foreign investment pledges in Vietnam during the first three months of this year have more than doubled to $2.7 billion from the same period last year, the Ministry of Planning and Investment's Foreign Investment Department said in a report on Friday.

The actual foreign direct investment (FDI) inflows during January and March jumped to $4.03 billion year on year, data from the report shows.

However, the agency has not released the figures on FDI disbursement.

South Korea has retained its ranking as the biggest foreign investor in Vietnam, followed by Singapore. Most new investment pledges are in the processing industry, followed by the property and entertainment sectors, the report said.

Major projects include an increase of $300 million to the Samsung Electronics Vietnam research and development center and the $210 million computerized lottery project to be run by Malaysian firm Berjaya Corp for 18 years.

FDI inflows, along with overseas remittances, are important sources of foreign exchange for Vietnam that help stabilize the dong and offset the country's trade deficit.

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