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Eight-month FDI attraction in Vietnam reached US$19.54 billion

10:10 | 29/08/2020

The Ministry of Planning and Investment, Vietnam attracted USD Vietnam attracted US$19.54 billion worth of FDI as of August 20, down 13.7% year-on-year.

vietnam attracts nearly usd20 billion in fdi in eight months Vietnam attracts nearly USD20 billion in FDI in eight months
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binh dinh wants two large projects to attract fdi Binh Dinh wants two large projects to attract FDI
eight month fdi attraction in vietnam reached us 1954 billion
(Photo: VOV)

There were 1,797 new FDI projects licensed, with registered capital totaling USD 9.73 billion, down 25.3% in project numbers but up 6.6% in value compared to the same period last year, according to VOV.

718 existing projects were allowed to raise the investment by more than USD 4.87 billion in total, a 22.2% increase year-on-year. Foreign investors also outlaid US$4.93 billion on share purchases or capital contributions during the period, down 48.2%.

Capital was channeled into 18 sectors, in which manufacturing and processing took the lead after receiving over US$9.3 billion, or 47.7% of the total. It was followed by power production and distribution, with over US$4 billion, real estate US$2.87 billion, and wholesale and retail US$1.21 billion.

Adjusted capital in 8 months increased due to the Southern Vietnam petrochemical complex project in Ba Ria - Vung Tau province (Thailand) adjusted to increase investment capital by 1,386 billion USD and the project of Tay Ho urban center West (South Korea) adjusted to increase investment capital by 774 million USD.

eight month fdi attraction in vietnam reached us 1954 billion
(Photo: Nhan Dan)

For capital contribution and share purchase, 4,804 times of capital contribution and share purchase by foreign investors, down 8.2% over the same period. The structure of the value of capital contribution and share purchase in the total investment capital also decreased over the same period in 2019, from nearly 42% in the eight months of 2019 to 25.2% in the eight months of 2020.

The export turnover of the foreign direct investment sector continued to decline. Export reached 113.3 billion USD, equaling 95.5% over the same period, accounting for 65.1% of export turnover. Export excluding crude oil was 112.2 billion USD, equaling 95.7% as compared to the same period in 2019, accounting for 64.4% of the country's export turnover in the eight months of 2020, reported by Financial Magazine. .

Singapore was the largest source of FDI, with a committed US$6.54 billion, accounting for 33.5% of the total. The Republic of Korea and China followed, with US$2.97 billion and US$1.75 billion, respectively, then Japan, Thailand, and Taiwan (China).

Of the 59 localities receiving FDI in the first eight months of 2020, the Mekong Delta province of Bac Lieu ranked top with US$4 billion. Hanoi was second with US$2.86 billion and HCM City third with US$2.62 billion, followed by Ba Ria-Vung Tau and Binh Duong provinces and Hai Phong city.

vietnam attracts nearly usd20 billion in fdi in eight months Vietnam attracts nearly USD20 billion in FDI in eight months

Foreign direct investment (FDI) commitments totaled USD19.54 billion as of August 20, equivalent to 86.3 percent year-on-year.

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