Actual FDI in Vietnam up 7.4% to US$16.21 billion in Jan-Oct

FDI commitments in the January – October period totaled US$29.11 billion, up 4.3% year-on-year.

Disbursement of foreign direct investment (FDI) projects in Vietnam totaled US$16.21 billion between January and October, representing an increase of 7.4% year-on-year, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown.

Meanwhile, FDI commitmens in the January – October period totaled US$29.11 billion, up 4.3% year-on-year.

Year to October 20, 3,094 new projects have been approved with total commitments of US$12.83 billion, up 25.9% in number of projects and down 14.6% in capital year-on-year, while 1,145 existing projects have been injected an additional US$5.47 billion, up 20% in projects and down 16.4% in capital.

During this period, 7,509 projects have had US$10.81 billion in capital contributed by foreign investors, up 70.5% year-on-year and accounting for 37.1% of total registered capital.

Investors have poured money into 19 fields and sectors, in which manufacturing and processing continued to attract substantial attention with investment capital of US$18.83 billion, or 68.1% of the total registered capital, followed by real estate with US$2.98 billion or 10.2% of the total, and retail and wholesale, science and technologies.

The data shows that out of 107 countries and territories investing in Vietnam in the ten-month period, Hong Kong (China) took the lead with US$6.45 billion. South Korea came second with US$5.52 billion while the third place belonged to Singapore with US$4.21 billion, or 14.5%.

Notably, investment capital from Hong Kong and mainland China to Vietnam has been on a growing trend year-on-year, mainly thanks to the impact from US – China trade war. FDI from China increased by 2-fold and from Hong Kong 3.94-fold year-on-year.

Among 60 cities and provinces having received FDI in the first ten months this year, Hanoi has attracted the largest portion of capital commitments with over US$6.61 billion, accounting for 22.7% of total investment in the period.

Ho Chi Minh City came second with US$4.96 billion or 17% of the total investment, followed by Binh Duong, Dong Nai, Bac Ninh.

Some of the big-ticket projects in the January – October period include a smart city project in Hanoi with registered capital of US$4.14 billion; US$1.2 billion polypropylene (PP) manufacturing plant in Ba Ria – Vung Tau; US$3.85 billion in capital contribution from Hong Kong-based Beerco Limited to Vietnam Beverage for a beer project in Hanoi; an injection of an additional  US$410 million to LG Display Hai Phong; the US$260-million electronic manufacturing plant by Goertek (Hong Kong) located in Bac Ninh province; tire manufacturing plant worth US$280 million from a Chinese investor in Tay Ninh province and a similar project worth US$214.4 million financed by Guizhou Advance Type Investment (China) in Tien Giang province; and a solar power project worth US$216.7 million from Thailand’s investors in Phu Yen province.