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Vietnam attracts large projects promoting FDI's results positive

17:52 | 28/04/2020

The total registered capital for foreign direct investment (FDI) projects in Vietnam in the first four months of 2020 has surged despite the impact of Covid-19 thanks to contributions from billion-dollar projects.  The flows into Vietnam reached US$12.33 billion in the first four months of 2020, equivalent to 84.5% of the value recorded in the same period last year.

vietnam attracts large projects promoting fdis results positive FDI capital into projects still posts increase despite declining trend in Jan -Apr
vietnam attracts large projects promoting fdis results positive Foreign investment in Vietnam reached US$12.33 billion in the first 4 months
vietnam attracts large projects promoting fdis results positive Covid-19-caused hardship brings Vietnam FDI attractive opportunities in 2020
vietnam attracts large projects promoting fdis results positive
Manufacturing is the most attractive industry to foreign investors in the first four months of 2020.(Photo:nhandan)

Nhandan reported that the figure was much higher than that of the same period of 2018 and 2017 with US$5.8 billion and US$9.2 billion, respectively, the FIA said.

The four-month period saw 984 new foreign-invested projects licensed with a total registered capital of US$6.78 billion, down 9.1% in term of number of projects but up 26.9% in value year-on-year.

Of them, the Bac Lieu LNG-to-power project marked the first billion-dollar project in 2020 with investment capital of US$4 billion, accounting for 59% of the total registered FDI.

Meanwhile, 335 existing projects were allowed to raise their investments by more than US$3.07 billion, surging 45.6% over the same period last year.

From January to April, foreign investors spent US$2.48 billion buying shares or contributing capital to Vietnamese firms, down 65.3% year-on-year.

Disbursement dropped by 9.6% year-on-year to US$5.15 billion, as shown from data as of April 20.

During the period, Vietnam licensed 984 foreign-invested projects with a total registered capital of US$6.78 billion, up 26.9%, mainly thanks to a US$4 billion liquefied natural gas (LNG) power plant in the southern province of Bac Lieu.

Additional pledges to existing projects saw a sharp increase of 45.6% to over US$3.07 billion, while foreign investors’ capital contributions and share purchases reached about US$2.48 billion, equivalent to only 34.7% of the 2019 figure.

Among the 18 industries that received foreign investment between January and April, manufacturing was the most attractive with approximately US$6 billion, followed by power production and distribution at US$3.9 billion, wholesale and retail at US$776 million, and real estate at US$665 million.

According to a report from the Ministry of Planning and Investment’s Foreign Investment Agency, there were 984 new FDI projects licensed with total registered capital of US$6.78 billion, down 9% in terms of the number of projects but up 27% in value compared with the same period last year, said SaigonTimes

Bac Lieu province remained the largest recipient of FDI capital in the period with US$4 billion (32.4% of the total), while Ba Ria-Vung Tau province and Ho Chi Minh City ranked second and third with US$1.9 billion (15.4%) and US$1.31 billion (10.6%), respectively.

vietnam attracts large projects promoting fdis results positive
Workers at an FDI firm in Vietnam – PHOTO Saigontimes

With indirect investment included, Vietnam attracted US$12.33 billion in foreign funds between January and April, a year-on-year decline of 15.5%. However, this figure was 52.3%, 16.4% and 79% higher than that of the same period in 2018, 2017 and 2016, respectively.

In the first four months, foreign investors spent nearly US$2.5 billion buying shares or contributing capital to Vietnamese firms, down 65% year-on-year.

Singapore made the largest investment in Vietnam in the first four months with US$5.07 billion, followed by Thailand with US$1.46 billion and Japan with US$1.16 billion.

In terms of number of projects, the Republic of Korea ranked first with 265 projects, while China, Japan and Singapore filled the next three positions with 135, 116 and 81 projects, respectively.

Among 54 localities receiving FDI in the four-month period, the southern province of Bac Lieu ranked top with US$4 billion. Southern Ba Ria-Vung Tau province came next with US$1.9 billion and HCM City placed third with US$1.31 billion, followed by Hanoi capital city and Ha Nam and Binh Duong provinces.

Foreign-invested sector’s exports rose by 1.5% against last year to US$55.75 billion, making up 69.3% of the nation’s four-month export value. Meanwhile, the sector’s import value also picked up 3% to US$46.32 billion, accounting for 58% of the nation’s import volume.

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