RoK becomes largest FDI investor in Vietnam in five months

The Republic of Korea (RoK) was the largest among 91 countries and territories investing in Vietnam in the first five months of 2017, 

Illustrative photo (Source: VNA)

Illustrative photo (Source: VNA)

According to the Foreign Investment Agency under the Ministry of Planning and Investment, the RoK with total  foreign direct investment (FDI) of 4.41 billion USD, 36.4 percent of total FDI in the period was followed by Japan with 1.94 billion USD and Singapore with 1.23 billion USD.

The agency reported that as of May 20, total foreign direct investment poured into Vietnam reached 12.13 billion USD, up 10.4 percent year-on-year. 

Of the sum, 5.59 billion USD was injected in 939 new projects, 73.9 percent of the figure in the same time last year, and 4.74 billion was added to underway projects, a rise of 83 percent year on year. The rest 1.79 billion USD was invested in 2,061 capital contribution and share buying deals.

In the first five months of 2017, FDI disbursement reached 6.15 billion USD, an increase of 6 percent from last year.

Processing and manufacturing industry attracted the most capital at 80.9 billion USD, 66.7 percent of total FDI, followed by mining at 1.28 billion USD and wholesale and retail sector at 798 million USD.

FDI sector exports in the first five months of this year (including crude oil) hit 57.24 billion USD, up 19 percent year on year making up 72.19 percent of the country’s total export revenue. The sector’s exports excluding crude oil were 56.15 billion USD, rising 19 percent over the same time last year.

The agency reported that among 58 cities and provinces attracting FDI in the months, northern Bac Ninh took the lead with 2.76 billion USD, accounting for 22.7 percent of the total.

The southern province of Binh Duong came second with 1.64 billion USD, followed by Ho Chi Minh City with 1.39 billion USD.

Major projects licenced in the first five months included the RoK-invested SamSung Display Vietnam project which is added with 2.5 billion USD in Bac Ninh, the 1.27 billion USD B-O Mon gas pipe project invested by Japanese investors in Kien Giang, and a 458.8 million USD project by Polytex Far Eastern Vietnam from Taiwan (China).

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