-
Foreign Direct Investment commitments in Vietnam surge 18.5% in the first quarter of 2021, the Hanoi Times reported.
-
During this period, 734 projects had nearly US$805.3 million in capital contributed by foreign investors.
-
Visit Vietnam Insider’s homepage for more stories.
Disbursement of the foreign capital inflow rose by 6.5% to US$4.1 billion during the January-March period.
Foreign Direct Investment (FDI) commitments during the first quarter of 2021 surged by 18.5% year-on-year to US$10.13 billion, a report of Vietnam’s Ministry of Planning and Investment has shown.
Meanwhile, disbursement of the foreign capital inflow also rose by 6.5% to US$4.1 billion.
Related: How to setup a foreign invested company in Vietnam
Year to March 20, 234 new projects have been approved with total registered capital of US$7.2 billion, down 69.1% in the number of projects but up 30.6% in capital year-on-year, while 161 existing projects have been injected an additional US$2.1 billion, down 31.8% in number but up 97.4% in capital.
During this period, 734 projects had nearly US$805.3 million in capital contributed by foreign investors, down 70.9% in number of projects and 58.8% in value year-on-year.
Also read: Asian countries have not gathered the same level of strength to attract FDI as China has?
Investors have poured money into 17 fields and sectors, in which manufacturing and processing led the pack with investment capital of nearly US$5 billion, accounting for 49.6% of total registered capital. Electricity production and distribution came second with US$3.9 billion, or 38.9%, followed by real estate with US$600 million.
The report added that out of 56 countries and territories having projects in Vietnam in the first quarter of the year, Singapore took the lead with US$4.6 billion, or 45.6% of the total registered FDI for new projects, followed by Japan with US$2.1 billion, or 20.8% and South Korea with US$1.2 billion, or 11.8%.
Among 47 cities and provinces having received FDI in the January-March period, the southern province Long An has attracted the largest portion of capital commitments with US$3.2 billion, or 32.1% of the total. The southern city of Can Tho came second with nearly US$1.3 billion (13.1%), followed by the northern port city of Haiphong with US$946 million (9.4%).
Also read: LG Display Vietnam adding US$750 million in investment to Hai Phong’s project
Big-ticket projects in January-March include the Long A liquefied natural gas (LNG) power plant project worth US$3.1 billion from Singaporean investors; US$1.31-billion O Mon II thermal power plant from Japanese investors; an additional injection worth US$750 million into LG Display Haiphong from South Korean investors; a tire manufacturing plant in the southern province of Tay Ninh with additional fund of US$312 million; and Kodi New Material Vietnam manufacturing plan from Singaporean investor worth US$270 million to make tablets and laptops in the northern province of Bac Giang, according to the Hanoi Times.