Multi-billion-dollar pledges by South Korea’s Samsung could not help reverse a slide in fresh foreign direct investment (FDI) approvals in Vietnam in January-October.

A report by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment says Samsung Asia Pte Ltd has gained approval to invest US$1.4 billion in a Samsung CE Complex project at Saigon Hi-Tech Park in HCMC. Meanwhile, Samsung Display Bac Ninh has won permission for a US$1-billion project in Bac Ninh Province, Texhong Ngan Ha Co., Ltd has secured approval for a US$300-million project in Quang Ninh Province and a Belgian investor has been allowed to develop industrial park infrastructure at a total cost of US$259.4 million.

Those big projects have helped boost fresh FDI approvals in the first 10 months of the year to US$9.95 billion but this figure is still 23.9% lower than the same period last year. If an extra US$3.74 billion pledged by 469 operational projects is included, the total new FDI approvals will rise to US$13.7 billion, still 28.8% lower than a year ago.

Despite the fall of new FDI approvals in January-October, FIA said, capital disbursements by FDI enterprises have picked up 5.9% versus a year earlier to an estimated US$10.15 billion.

The processing and manufacturing industry has continued to attract the most attention of foreign investors, with 636 new projects worth US$9.7 billion.

The real estate sector has come in second with 29 new projects capitalized at US$1.22 billion, followed by construction with US$1.03 billion.

The FDI sector’s January-October exports, inclusive of crude oil, total US$82.48 billion, surging 13.6% year-on-year and accounting for 67% of the country’s total. If crude oil is excluded, the figure would be US$76.2 billion, up 14.3%.

Meanwhile, its imports have grown 10.7% to US$68.66 billion, 57% of the country’s total. The sector has brought a trade surplus of US$13.8 billion.

There are 56 countries and territories investing in Vietnam. In the year to date, South Korea has taken the lead in investment in Vietnam with total pledges of US$3.6 billion, followed by Singapore with US$2.64 billion, Hong Kong with US$1.67 billion and Japan with US$1.66 billion.