FDI attraction sets new record

In the first quarter of 2017, total FDI in the country valued at US$ 7.71 billion, nearly doubling the US$ 3.4 billion ammount recorded in the first two months and up 91.5% against the same period last year, the Foreign Investment Agency (FIA) reported.
 

The FIA under the Ministry of Planning and Investment announced that as of March 20, 493 new FDI projects got business licenses with a total value of US$ 2.917 billion, representing a year-on-year rise of 6.5%.

In addition, 223 projects got additional capital worth US$ 3.94 billion, up 206.4% against the same period last year.

Foreign investors bought US$ 852.86 million of shares, up 171.5 % against the same period last year.

In the January-March period, total amount of FDI was US$ 7.71 billion, making a year-on-year surge of 91.5%.

Large-scale newly-registered and capital-added  FDI projects were attributed to the sharp increase in FDI attraction in Q1. Especially, the Samsung Display Viet Nam project added US$2.5 billion to its ongoing project in the northern province of Bac Ninh. The Taiwanese investor registered to increase investment funds at Polytex Far Eastern Company by US $485.8 million and Coca-Cola Viet Nam supplemented US $319.8 million in Ha Noi. Newly licensed projects included US$284.75 million  Vietnam-Singapore Industrial Park III (VSIP 3) in Binh Duong, US$269.54 million Tole Panel Plant in Binh Phuoc and US$220 million KVT-1 tire fiber project of Kolon Industries Inc.

Thanks to the giant Samsung project, the Republic of Korea topped the list as the largest FDI provider in Viet Nam with US$ 3.74 million FDI (accounting for 48.61%); followed by Singapore with US$ 910.8 million (11.81%); and China (US$ 823.6 million (10.68%).

Of the 18 fields attracting FDI, the processing and manufacturing sector was the most attractive, absorbing US$ 6.54 billion or 84.9% of FDI in Q1. Real estate ranked second with US$ 343.69 million (4.4%); followed by wholesale and retail sales with US$ 296.8 million (3.85%).

The FIA reported that as of March 20, the total FDI disbursement hit US$ 3.62 billion, representing a year-on-year rise of 3.4%.

Source VGP