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FDI: Vietnam attracts $9bn in Jan-Oct 2008, up 38%

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October 27, 2008

FDI: Vietnam attracts $9bn in Jan-Oct 2008, up 38%
Foreign direct investment (FDI) inflows into Vietnam are estimated to have risen 38 percent in the first 10 months of this year to $9 billion, a state-run newspaper said on Monday, citing government figures, reported Reuters.

FDI pledges are expected to have risen six-fold to $58.3 billion during the 10-month period, Planning and Investment Ministry figures showed, according to the Tuoi Tre (Youth) newspaper.

New pledges this month would fall to $2 billion from a record $9.9 billion last month, the ministry report said.

The government has forecast FDI inflows would rise 37 percent this year to a record $11 billion.

FDI inflows, along with remittances from overseas, are a key source of foreign exchange helping Vietnam offset its widening trade deficit.

The deficit is estimated to have jumped more than 65 percent to $16.3 billion in the first 10 months of 2008 from the same period last year.

The central bank has allowed the dong to fall 2.4 percent against the dollar so far this year to support exports.

On Monday it set the mid-rate for interbank transactions at 16,517 per dollar.

The dong could fall to 17,000 per dollar in the near future due to strong demand for the US currency from importers and equity investors, a central bank official said.

Doan Huu Tue of the central bank's banking development strategy department was quoted as saying in a report that strong year-end trading activity could push the dong lower.

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