Almost 4.37 billion USD in foreign direct investment (FDI) was pumped into the red-hot Vietnamese economy in the first five months of the year, reported the Ministry of Planning and Investment’s Foreign Investment Department.
Over 3.7 billion USD was funnelled into an additional 372 new projects, while the remaining 577 million USD was used as additional investments in previously licensed or operating businesses. FDI investment capital recorded a 25% increase over the same period last year and the number of newly licensed initiatives surged by 32%.
Analysts said that the majority of the investments were finding their way into the agro-forestry and fisheries, industry and service sectors, in southern coastal Ba Ria-Vung Tau province, central Thua Thien-Hue province and Mekong delta Hau Giang province.
Topping the list of major projects to get off the ground were an Indian 527 million USD steel producing facility in Ba Ria-Vung Tau province, a 276 million USD deluxe resort in the Chan May economic zone in Thua Thien-Hue province and a 220 million USD paper and pulp mill financed by Thailand’s Kraf Vina, in southern Binh Duong province.
Market observers have pointed to Viet Nam’s improving business and investment environment and its adherence to international economic commitments as key drivers in attracting FDI into the country.
According to the Japan External Trade Organisation (JETRO), Viet Nam's business environment now ranks third in Asia, after China and Thailand.
Coupled with a highly productive low cost labour force, pundits have predicted that the South East Asian nation would surpass the 5.2 billion USD mark in the first half of the year, a year-on-year rise of 31%.
Source: VNA
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