Ten-month FDI attraction of Vietnam reaches over US$23 billion
|Vietnam emerges as FDI hub in Asia: the Eurasian Times|
|Indian media: Vietnam becomes new production hub for international investor|
|South China Morning Post suggests other ASEAN nations follow Vietnam’s lead in FDI attraction|
There were 2100 new FDI projects licensed with a total registered capital of US$11.66 billion, down 32.1% and 9.1% in project numbers and value respectively compared to the same period last year, Vietnam News Agency reported.
907 existing projects were allowed to raise the investment capital by more than US$5.71 billion in total, an increase of 4.4% year-on-year.
|Illustrative photo: Tapchitaichinh|
Adjusted capital in ten months rose due to the Southern Vietnam petrochemical complex project in Ba Ria - Vung Tau province (Thailand) adjusted to increase investment capital by US$1,386 billion and the project of Tay Ho urban center West (South Korea) adjusted to increase investment capital by US$774 million.
For capital contribution and share purchase, there were 5.451 times of capital contribution and share purchase by foreign investors, down 27.4% 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 37.1% in ten months of 2019 to 26% in ten months of 2020.
The capital was invested into 18 sectors, in which the manufacturing and processing industry took the lead after receiving over US$10.7 billion, or accounting for 47.7% of the total. It was followed by power production and distribution with over US$4.8 billion, real estate with US$3.5 billion and wholesale and retail with US$1.4 billion.
|Illustrative photo: VNA|
There were 109 countries and territories investing in Vietnam between January and October. Among them, Singapore took the lead with US$7.51 billion or 31.9 percent of the accumulative capital. It was followed by the Republic of Korea with US$3.42 billion (14.6 percent) and China with US$2.17 billion (9.2 percent).
Among 59 localities receiving FDI in the first ten months of 2020, the Mekong Delta province of Bac Lieu ranked top with US$4 billion. Ho Chi Minh City was second with US$3.4 billion, Hanoi was third with US$3.13 billion and followed by provinces of Ba Ria-Vung Tau, Binh Duong and Hai Phong city.
Exports including crude oil reached US$147.97 billion, equaling 97.6% as compared to the same period last year and accounting for 64.7% of the country’s export turnover. Export excluding crude oil was US$146.52 billion, equaling 97.8% over the same period in 2019, occupying 64% of the country's export turnover.
Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of the Republic of Korea (RoK)'s top conglomerate, plans to visit Vietnam this week, his ...
World Bank (WB) has released report on Vietnam's macroeconomic situation in October 2020 which says that Vietnam's GDP could grow at 2.5-3.0% in 2020.
As of September 20, the total foreign direct investment (FDI) into Vietnam reached US$21.2 billion, equivalent to 81.1% year-on-year.