Singapore Overtakes S. Korea to Become Top Investor in Vietnam

Singapore has surged to become the largest foreign investor in Vietnam.


             Singapore was the largest foreign investor in Vietnam in January. Photo: Internet

Singapore in January committed to invest $416.7 million in Vietnam, becoming the top foreign investor in the latter, the position held by South Korea throughout 2016, data of the General Statistics Office (GSO) showed. 

Mainland China was the third biggest investor in Vietnam last month, with $310 million, followed by Japan with $56.8 million, Malaysia with $44.1 million, and Samoa with $20 million.

Foreign direct investment (FDI) commitments for Vietnam increased 6.6% year-on-year to $1.42 billion, of which newly-licensed FDI totaled $1.24 billion, up 23% year-on-year.

Manufacturing and processing remained the most appealing sector when attracting $835 million worth of fresh FDI, followed by real estate with $297.4 million.

The southern province of Binh Duong, home to large industrial parks and processing zones, attracted $666.2 million last month, overtaking the top position held by Ho Chi Minh City in 2016.

The government-run office added that actual FDI in Vietnam increased 6.3% year-on-year to $850 million in January.

Tuan Minh / BizLIVE