HANOI - Foreign investors are registered to invest approximately US$4.03 billion in Vietnam in the first quarter of this year, surging by 119 per cent against the same period last year.
Statistics from the Foreign Investment Agency (FIA) revealed that South Korean investors took the lead with $888.6 million, accounting for 22 per cent of the nation's total foreign direct investment (FDI). They were followed by those from Singapore and Taiwan with $554 million and $466 million, respectively.
According to the FIA, up to 473 new foreign-invested projects, totalling $2.74 billion, received investment certificates during the reviewed period, up 125 per cent year-on-year. In addition, 203 operating projects were approved to raise capital by $1.29 billion, up 107 per cent on-year.
Meanwhile, FDI disbursement also saw an encouraging increase of 15 per cent to $3.5 billion.
In the first three months, foreign investors injected funds into 19 sectors. Of these, the manufacturing and processing industry attracted the lion's share of FDI with $2.9 billion, accounting for 72.2 per cent of the total FDI pledged in the country. The real estate industry ranked second with about $240 million, equivalent to 6 per cent. One large-scale project, valued at approximately $211 million, helped the entertainment industry come third, representing 5.2 per cent of the nation's total FDI.
The southern province of Dong Nai surpassed the capital city to become the most ideal destination for foreign businesses as it absorbed $585 million in investments, totalling 14.5 per cent of FDI registered in the country. Bac Ninh and Binh Duong provinces came second and third with $398 million or 9.8 per cent, and $371 million or 9.2 per cent, respectively.
Earlier, Deputy Minister of Industry and Trade, Do Thang Hai, said several foreign businesses were attentive to recent developments and wanted to shift their investments into Vietnam as they saw big opportunities from the Trans-Pacific Partnerships (TPP) and Free Trade Agreements (FTAs) signed by the country.
Vietnam should have proper policies to make foreign investment in the country effective, contributing to the country's economy, he said, adding that during each development period, there should be policies specially designed to encouraging and support industry, hi-tech and infrastructure projects.