Singapore tops FDI source in Vietnam over 10-month period

Singaporean investors injected a total of US$6.77 billion into Vietnam during the opening 10 months of the year, thereby making it to top the list among a total of 97 countries and territories investing in the nation, according to the Ministry of Planning and Investment.

The Republic of Korea ranked second with a total registered investment capital of US$4.15 billion, followed by Japan with approximately US$3.4 billion.

Foreign financiers invested a figure of US$23.74 billion in the nation throughout the reviewed period, an increase of 1.1% against the same period from last year.

Most notably, 1,375 new projects capitalised at US$13 billion were licensed during the period, while 776 existing projects were also permitted to raise their capital by US$7.09 billion.

Capital contribution and share purchases by foreign investors reached US$3.63 billion, while foreign investors  disbursed US$15.15 billion during the reviewed period, a drop of 4.1% compared to last year’s corresponding period.

Foreign investors also injected money into 18 industries, with the processing and manufacturing sector taking the lead with a total of US$12.74 billion, thereby accounting for 53.7% of the total registered investment capital.

The processing and manufacturing sector attracted the majority of projects, accounting for 33.1% of the total number of FDI projects in the nation.

Projects to be granted new investment certificates or allowed to increase capital include the US$3.1 billion Long An LNG Power Project, the US$2.15 billion LD Display Hai Phong, and the US$1.31 billion O Mon II Thermal Power Plant.

According to the Foreign Investment Agency stated that with the COVID-19 pandemic being gradually brought under control, the Government has promulgated a range of policies aimed at removing hurdles for businesses, which are anticipated to restore their production and business activities moving into the remaining months of the year.

Source: VOV