LG projects help make South Korea biggest foreign investor in Vietnam

By VnExpress   September 24, 2016 | 01:43 pm GMT+7
LG projects help make South Korea biggest foreign investor in Vietnam
South Korea is Vietnam's biggest foreign investor with grand electronics projects. Photo by VnExpress

Singapore and Japan were behind in the January-September period, by a large margins.

A total of $11.02 billion in foreign direct investment has been disbursed across the country in the first nine months, up 12.4 percent from the same period last year, according to the Ministry of Planning and Investment.

New FDI pledges during the period rose 1.1 percent year-on-year to $11.17 billion, while additional funds for ongoing projects dropped 14 percent to $5.27 billion.

Processing and manufacturing projects continued to draw the most interest, accounting for 74 percent of the total registered funding, followed by the real estate sector at 6 percent and science and technology with 4 percent.

South Korea remained the biggest investor by committing nearly $5.6 billion, or 34 percent of the total, including $1.5 billion for LG Display's screen plant and $550 million for LG Innotek's camera modules plant in the northern city of Hai Phong.

Singapore was second with pledges of $1.84 billion, followed by Japan with $1.7 billion.

Vietnam's government expects FDI disbursements this year to hit $15 billion, up from $14.5 billion last year.

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