Home » Despite the impact of COVID- 19, Vietnam FDI reaches US$26.4 billion in eleven months

Despite the impact of COVID- 19, Vietnam FDI reaches US$26.4 billion in eleven months

by Vietnam Insider

Disbursement of foreign direct investment (FDI) projects in Vietnam totaled US$17.2 billion in the first eleven months of this year, representing a decline of 2.4% year-on-year, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown.

Meanwhile, FDI commitments in the January – November period fell nearly 17% year-on-year to US$26.4 billion, despite the impact of COVID- 19.

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Year to November 20, 2,313 new projects have been approved with total registered capital of US$13.6 billion, down 33.5% in the number of projects and 7.6% in capital year-on-year, while 1,051 existing projects have been injected an additional US$6.3 billion, up 7.8% in capital.

According to the report, injections of US$1.38 billion in the Long Son Petrochemical Complex project in Ba Ria – Vung Tau province and US$774 million in the West Lake Urban project in Hanoi have directly contributed to a rise in capital addition.

During this period, 5,812 projects had nearly US$6.5 billion in capital contributed by foreign investors, down 41.8% in value year-on-year.

Investors have poured money into 18 fields and sectors, in which manufacturing and processing led the pack with investment capital of over US$12.7 billion, accounting for 48.1% of total registered capital. Electricity production and supply came second with US$4.94 billion, followed by real estate with US$3.8 billion, and wholesale and retail with US$1.5 billion.

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The report added that out of 111 countries and territories investing in Vietnam in the first eleven months of 2020, Singapore took the lead with US$8.07 billion, or 30.5% of the total, followed by South Korea with US$3.7 billion, and China with US$2.4 billion.

In terms of fresh projects, South Korea took the top spot with 573 projects, while China and Japan claimed the second and third positions with 311 and 251 projects, respectively.

Besides the US$4-billion LNG plant project financed by a Singaporean investor, some other big-ticket projects in January-November include a tire manufacturing plant worth US$300 million by a Chinese investor in Tay Ninh province; an additional injection of US$138 million into a Chinese-invested radial tire production facility; an addition of US$75.2 million to Japan’s Sews-components Vietnam manufacturing plant for electronic and auto parts; and Hong Kong’s Ce Link Vietnam 2 plant worth US$49.8 million in Bac Giang for electronic parts and products, according to the Hanoi Times.

By Ngoc Thuy

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