Vietnam Business & Weather Briefing (May 28): FDI disbursement up 7.8 percent in five months

Business Briefing

Global gold rate. (Photo: Kitco)

Gold rate

On May 28, the global and domestic gold prices saw mixed trends. While domestic prices increased about VND 200,000 per tael, the global price decreased slightly compared to the previous session. According to SJC company, the buying price of gold today is VND 68.5 million/tael, while the selling price is VND 69.5 million/tael.

Reference exchange rate

Banks continued to devalue the USD on May 28. In contrast, the free USD market gained in value after several days of decline. On May 28, the exchange rate announced by the State Bank of Vietnam stood still at VND 23,109/USD.

Photo: Thanh Nien

Investment news: FDI disbursement up 7.8 percent in five months

Up to USD 7.71 billion worth of foreign direct investment (FDI) was disbursed in the first five months of this year, up 7.8 percent from the same period in 2021, according to the Ministry of Planning and Investment. As of May 20, total FDI in Vietnam, comprising new, adjusted capital and share purchases by foreign investors, dropped 16.3 percent year on year to reach only USD 11.71 billion.

There were 578 new projects worth nearly USD 4.12 billion, down 53.4 percent in value, and 395 others registered to increase their investment by more than USD 5.61 billion, up 45.4 percent. The accumulative value of share purchases by foreign investors also rose 51.6 percent to USD 1.98 billion, according to VNA.

Foreign capital has been poured into 18 out of 21 economic sectors, with processing and manufacturing making up the lion's share, USD 6.8 billion or 58.2 percent of the total investment, followed by real estate, information-communications, and science-technology. Among the 79 countries and territories investing in Vietnam in the reviewed period, Singapore took the lead with nearly USD 3 billion, followed by the Republic of Korea (RoK), USD 2.06 billion, and Denmark, with some USD 1.32 billion. The southern province of Binh Duong, the northern province of Bac Ninh, and Ho Chi Minh City attracted the most foreign investments, with more than USD 2.52 billion, nearly USD 1.65 billion, and over USD 1.3 billion, respectively.

Photo: Tai Nguyen Moi Truong

Weather Forecast

May 29 - 30: From May 29, the Northern mountainous region has scattered showers and thunderstorms. Heavy rains will appear in the northern delta and north-central provinces as well. Though the rain may come to Hanoi, the capital will enjoy hot sunshine during the daytime.

Southern provinces will be cloudy with showers and thunderstorms in a few places. In the afternoon and evening, there will be scattered thunderstorms.

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