Vietnam attracted $8.55b FDI in the first quarter

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Japan-invested Sumi Viet Nam Wiring System in Ha Nam Province. Foreign investors poured a total of US$8.55 billion in Viet Nam from January 1 to March 30.

Foreign investors poured a total of US$8.55 billion in Vietnam from January 1 to March 30, equivalent to 79.1 per cent of the same period last year, according to the latest report by the Foreign Investment Agency.

Of the figure, $5.5 billion was registered to invest in 758 new projects. The rest were poured to increase capital of existing projects, which was worth $1.07 billion and to purchase shares worth nearly $2 billion.

The realised capital was estimated at $3.85 billion, 6.6 per cent lower than the first quarter of 2019.

As of March 20, Vietnam had 31,665 valid projects with a total registered capital of $370 billion. The accumulated realised capital of FDI projects totalled $215.6 billion, equalling 58.3 per cent of the total value of registered capital.

FDI was mainly poured into manufacturing and processing industry with $216.7 billion in registered capital and real estate business with $58.6 billion.

The novel coronavirus (COVID-19) pandemic was forcing global producers to rearrange their production network to reduce dependence on China, according to Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy.

Thanh said that it was providing Vietnam with opportunities to become a hub for FDI inflow of the region and the world.

According to the Ministry of Planning and Investment’s forecasts, Vietnam expected to attract $38.6 billion FDI in 2020 if the COVID-19 pandemic was over in the first quarter of this year and $38.2 billion if the pandemic lasted to the second quarter, compared to $38 billion FDI attracted in 2019. Vietnam targeted to attract $39.6 billion FDI in 2020 when there was no COVID-19.

In the first quarter of this year, Vietnam invested $49.3 million abroad, equalling 41.1 per cent of the same period of 2019.

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