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Singapore climbs to become biggest investor in Vietnam

Singapore has risen to become the largest foreign investor in Vietnam this year, with total investment capital of US$9 billion, accounting for 31.5% of the overall.

The Island nation was followed by the Republic of Korea, China, Japan, Taiwan (China), and Hong Kong (China).

Ho Chi Minh City ranked first among the country’s 60 provinces and cities in terms of foreign direct investment attraction this year with a total registered investment capital of US$4.36 billion, thereby making up 15.3% of the total.

Bac Lieu province was notable for attracting one major project worth US$4 billion, while Hanoi came third in terms of projects with US$3.6 billion. This was trailed by Ba Ria-Vung Tau, Binh Duong, and Hai Phong.

According to statistics compiled by the Ministry of Planning and Investment, as of December 20 the country’s total foreign investment capital had reached a sum of US$28.5 billion, a decline of 25% compared to 2019. In addition, the realised capital of foreign direct investment (FDI) projects was estimated at US$19.98 billion, a drop of 2% compared to the same period from last year.

Due to the negative impact of the novel coronavirus (COVID-19) epidemic, the investment capital disbursement of FDI projects this year has endured a slight decrease compared to the figures from the last year.

Furthermore, many foreign-invested enterprises are gradually initiating a recover process and striving to maintain their production and business activities.

The year’s highlight is that adjusted investment capital has reached over US$6.4 billion, representing a year-on-year increase of 10.6%.  This year witnessed 1,140 projects register to adjust investment capital, a fall of 17.5% on-year.

In addition, the number of newly registered projects hit 2,523, a drop of 35% compared to the same period from last year.

In terms of the number of new projects, Ho Chi Minh City still takes the top spot with 950 projects, followed Hanoi with 496 projects, and Bac Ninh province with 153 projects. VOV

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