Pandemic drags down FDI attraction

Vietnam had attracted a total of $26.43 billion in FDI this year as of November 20, equal to 83.1 percent of the figure in the same period last year, according to a recent report from the Ministry of Planning and Investment.

Pandemic drags down FDI attraction hinh anh 1

Automobile production of Toyota in Vinh Phuc. (Photo: VNA)

The global economy has been battered by the coronavirus pandemic, the ministry noted, while investors have been unable to travel due to restrictions.

During the period, 2,313 new projects were granted investment registration certificates, a year-on-year decline of 33.5 percent. Total registered capital stood at 13.6 billion USD, down 7.6 percent.

Regarding additional capital, 1,051 projects registered to adjust their capital, down 16.3 percent year-on-year, while the total capital topped 6.3 billion USD, a year-on-year rise of 7.8 percent.

Some 6.5 billion USD was poured into 5,812 capital contribution and share purchase deals made by foreign investors, a fall of 41.8 percent.

Foreign investors channeled capital into 19 fields, with the largest amount, of over 12.7 billion USD, going to manufacturing and processing. Power generation and distribution followed, with more than 4.9 billion USD from foreign investors, then real estate with nearly 3.8 billion USD and wholesale and retail sales with 1.5 billion USD.

 

FDI came from 109 countries and territories, of which Singapore took the lead with nearly 8.1 billion USD, accounting for 30.6 percent of the total. The Republic of Korea followed, with 3.7 billion USD, then China with 2.4 billion USD.

Foreign investors invested in 60 cities and provinces nationwide. The Mekong Delta’s Bac Lieu province led the way, with one mega project worth 4 billion USD, accounting for 15.1 percent of total capital. HCM City and Hanoi were second and third, with 3.8 billion USD and 3.2 billion USD, respectively, making up 14.4 percent and 12.2 percent of the total.

The ministry’s Foreign Investment Agency said export revenue of the foreign-invested sector had picked up after being pinned down for ten months.

Excluding crude oil, the sector’s shipments totaled 179.5 billion USD for the 11-month period, up 6.9 percent year-on-year and accounting for 70.7 percent of the country’s total export revenue.

Foreign firms purchased 148.9 billion USD worth of products from abroad in the period, a yearly increase of 9.1 percent and making up 63.5 percent of total import revenue./.VNA

Vietnam welcomes fresh FDI inflows from overseas Vietnamese

Vietnam welcomes fresh FDI inflows from overseas Vietnamese

Foreign direct investment (FDI) inflows in Vietnam are set to record strong growth as the world moves past the novel coronavirus (COVID-19) epidemic, with plenty of investment coming from overseas Vietnamese, according to insiders.

 
 

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