Foreign direct investment pledges exceed US$10 billion in five months

Saturday, 2016-05-28 10:50:00
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Hanoi Chairman Nguyen Duc Chung grants an investment licence to Samsung.
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NDO - Foreign direct investment (FDI) pledges in the first five months of 2016 reached US$10.159 billion, up 136.4% over the same period last year, the Foreign Investment Agency (FIA) reported.

As of May 20, licences had been granted to a total of 907 new projects with foreign investors pledging to pour in US$7.56 billion, while an additional US$2.59 billion was committed to currently active projects.

FDI disbursement in the January-May period was estimated at US$5.8 billion, up 17.2% year-on-year.

Export revenues by the foreign sector, including oil companies, hit US$48.263 billion, up 7.7% and accounting for 71.28% of Vietnam’s total exports, while imports fell 1.9% to US$39.155 billion.

According to the FIA, manufacturing remained the most attractive industry to foreign investors, making up nearly two thirds of new and additional pledges, followed by the information and communication sector.

The Republic of Korea continued its reign as the largest foreign investor in Vietnam, accounting for more than one third of FDI pledges in the first five months of 2016. Luxembourg and Singapore came second and third respectively.

Hanoi beat other provinces and cities to become the largest recipient of foreign investment during the said period, attracting US$1.96 billion.