Viet Nam attracted US$2.7 billion in foreign direct investment (FDI) in the first quarter of this year, a year-on-year increase of 23 percent, reported the Ministry of Planning and Investment (MPI).
|An artist’s impression of the Kumho Asiana Plaza which is under construction in Ho Chi Minh City’s Distict 1 by South Korea’s Kumho Asiana Group|
In March alone, the country licensed 71 FDI projects with a combined registered capital of US$455 million, bringing the total number of newly licensed projects in the first quarter to 196 with a registered capital of US$2.1 billion, a year-on-year increase of 91 percent and 27 percent respectively.
Some 47 projects already underway were also permitted to add US$136 million to their investment capital in March, bringing the number of projects with increased capital to 109 with registered capital of US$432 million.
Among 30 countries investing in Viet Nam this year, the Republic of Korea emerged as the largest investor with a total registered capital of US $486 million, followed by Singapore with US $476 million.
According to the Foreign Investment Agency under the MPI, FDI increased considerably in the first three months and is expected to reach over US$20 billion this year.
Among the biggest corporate investors are Japan’s Sumitomo Group, which will invest about US$3.5-4 billion in the Van Phong Economic Zone in the coastal southern province of Khanh Hoa to build a thermo electric plant and two international port terminals; Britain’s Pacific Land Ltd., which is planning to pour US$1 billion into the Nam Thang Long biological zone in Ha Noi; and Taiwan’s Foxconn, which is expected to invest US$5 billion in two technology cities to produce high-end electronic products in the northern provinces of Bac Ninh and Bac Giang.