New foreign investment approvals seen hitting US$30 billion this year

Vietnam attracted US$2.72 billion in new foreign investment approvals in November, raising the total in the January-November period to US$26.46 billion. 

New foreign investment approvals seen hitting US$30 billion this year

The US$30 billion level is considered feasible as investors from the United States, Europe, Japan, South Korea and Singapore have expressed their confidence in Vietnam’s investment environment and post-Covid-19 economic recovery.

According to statistics from the Foreign Investment Agency under the Ministry of Planning and Investment, from January to November, foreign investors registered to invest nearly US$14.1 billion in nearly 1,600 projects, up 3.76% in the total registered capital but plunging 31.8% in the number of new projects.

Meanwhile, 877 existing projects added US$8 billion, down 16.6% in the number of projects but rising 26.7% in capital compared with the same period last year.

In addition, foreign investors conducted nearly 3,500 transactions to contribute funds and acquire shares in local firms with total capital of some US$4.4 billion, dropping 40.4% and 33%, respectively, over the year-ago period.

 

Foreign investors injected capital into 18 sectors, with the processing and manufacturing sector attracting the most capital, at more than US$14 billion, accounting for 53% of the registered capital. The electricity production and distribution sector came in second with over US$5.7 billion.

In the 11-month period, 100 countries and territories invested in Vietnam. Singapore was the biggest investor with over US$7.6 billion, making up 28.7% of Vietnam’s total foreign investment approvals. It was followed by South Korea with US$4.36 billion and Japan with US$3.7 billion.

However, only US$17.1 billion of foreign investment was disbursed in the 11-month period, down 4.2% year-on-year.

Source: Saigon Times

 
 

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