Vietnam’s FDI pledges fall 8.7 percent in Jan-Oct

By An Hong   October 29, 2016 | 03:58 pm GMT+7
Vietnam’s FDI pledges fall 8.7 percent in Jan-Oct
Laborers work at a construction site of a residential apartment building in Hanoi on March 16, 2016. Photo by Reuters/Kham

Actual inflows, however, saw a 7.6 percent increase.

Foreign investors have pledged to invest a total of $17.6 billion in Vietnam so far this year, down 8.7 percent from the same period last year, the Ministry of Investment and Planning said on Friday.

Vietnam recorded a decline in new foreign direct investment (FDI) pledges in two months straight, with an estimated $1.18 billion in October, said the government agency.

Fresh pledges totaled $12.26 billion, down 1.3 percent, while additional funds to existing projects fell 22.1 percent to $5.34 billion, the investment ministry said.

From January to October, 73 percent of the new investment pledges and increased capital for existing projects went to the processing industry, followed by the property sector with 5.5 percent, the report said.

The investment ministry also said foreign investors disbursed an estimated $12.7 billion in Vietnam as of October 20 this year, a rise of 7.6 percent from the year-ago period.

The FDI sector posted a trade surplus of $17.51 billion in the first 10 months, excluding crude oil, official statistics show.

South Korea continued to be the biggest foreign investor in Vietnam, the report said.

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