Vietnam lures over 16 billion USD in foreign investment in 7 months
Vietnam attracted approximately 16.24 billion USD in foreign direct investment (FDI) from the beginning of this year to July 20, up 4.5% year-on-year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Manufacturing and processing sector attracts the biggest FDI in seven months (Photo: baodautu.vn)
Hanoi (VNA) – Vietnam attracted approximately16.24 billion USD in foreign direct investment (FDI) from the beginning of this year to July 20, up 4.5%year-on-year, according to the Foreign Investment Agency under the Ministry ofPlanning and Investment.
In the period, there were 1,293 newly-registered projectswith a combined capital of 7.94 billion USD, up 75.5% in the number of projectsand 38.6% in capital compared to the same period last year.
Meanwhile, 2.93 billion USD, down 42.5% year-on-year, was added to 736 existingprojects, up 27.1% year-on-year.
The value of capital contribution and share purchase deals roseby 60.7% to 4.16 billion USD.
The manufacturing and processing sector led in FDI attraction,with 10.93 billion USD. It was followed by real estate (1.61 billion USD).
Illustrative image (Photo: baodautu.vn)
In the January-July period, there were 94 countries andterritories pouring capital into Vietnam, in which Singapore topped the list with3.64 billion USD, down 15.5% year-on-year. It was followed by the Republic ofKorea (2.34 billion USD) and China (2.33 billion USD).
Those investors poured their capital into 52 provinces andcities in the period, with Hanoi receiving the lion's share - 2.28 billion USD, up 2.76 times year-on-year. Hai Phong came second with over 2 billion USD, up 96.5%, followed by Ho Chi Minh City.
As of July 20, FDI disbursement was estimated at 11.58billion USD, up 0.8% year-on-year./.
Experts have suggested adjusting foreign investment policies, making them match the evolution of the global economy, amidst the shrinking FDI inflows in the first half of this year.
Prominent advantages in transport infrastructure with road, sea, rail and air routes have made the northeastern province of Quang Ninh “a magnet” for foreign investment.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Manufacturing and processing sector attracts the biggest FDI in seven months (Photo: baodautu.vn) 
Illustrative image (Photo: baodautu.vn) 
