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NEWS UPDATES 25 September 2010

FDI tops $8b in first nine months

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Disbursement of foreign investment during the first nine months of this year surpassed US$8 billion, an increase of 4.8 percent year-on- year, according to the Foreign Investment Agency (FIA).

However, the disbursement which hit $800 million in September was $50 million lower than that of the previous month, and far behind the average disbursement rate of about $900 million for each month since the beginning of this year.

During the nine-month period, the nation attracted US$12.19 billion in foreign direct investment (FDI), 87.3 percent of the amount during the same period last year. Earlier, the country had set a target of drawing US$22 to US$25 billion in FDI this year.

Up to 720 new projects were licensed during the period, worth a combined $11.4 billion, an increase of 37.3 percent over same period last year.

There was a decline in additional investment to existing projects, the FIA said, adding that 153 projects had registered to increase capital by a combined $783 million, only 13.8 percent of the same period last year.

An FIA representative yesterday refused to make further comments on the drastic decrease. Netherlands was the leading source of foreign investment in Viet Nam, investing $2.2 billion, followed by South Korea with $2 billion and the US with $1.87 billion.

The processing and manufacturing sector held the lion's share of FDI, gobbling up $3.65 billion, or 30.2 per cent of the registered total.

Business advantages were described as one of the main reasons for the large influx of FDI into the sector. The foreign-invested sector posted a nine-month export turnover of $27.4 billion, a year-on-year rise of 26.5 per cent or equivalent to 53 per cent of the country's total export value.

Meanwhile, FDI in the electric and gas production and distribution sector reached $2.94 billion, accounting for 24 per cent of all FDI.

With a high average investment capital of $150 million per project, the real estate sector ranked third in FDI attraction with $2.75 billion, making up 22.6 per cent of the total.

The southern province of Ba Ria-Vung Tau was the top destination for foreign investment, attracting $2.23 billion. It was followed by the northern province of Quang Ninh with $2.15 billion, HCM City with over $1.8 billion and central Nghe An Province with $1 billion.

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