Disbursement of foreign investment exceeds US$10 billion during the first 11 months of this year, an increase of 1 per cent compared to the same period a year ago, the Foreign Investment Agency has announced.
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Workers produce high-quality garments in the Japanese-invested Toyotsu Vehitecs Vietnam Co Ltd in the southern province of Binh Duong's Ben Cat District. Disbursement of foreign investment during the first 10 months of this year was recorded as holding steady to reach the target of US$11-11.5 billion for the entire year. — VNA/VNS Photo Quach Lam
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The agency earlier set a target of $11-11.5 billion in disbursements for the entire year.
Despite over $1 billion in newly-registered foreign investment this month – the highest level of its kind since August – the total of this kind of investment in the first 11 months of the year still dropped by 16 per cent against last year's total of $9.9 billion, the agency said.
However, 324 existing projects received approval to increase their level of investment by a combined total of nearly $2.8 billion during the period, up 50 per cent year-on-year. The new additions have brought the total foreign direct investment registered between January and November to nearly $12.69 billion, an overall decline of 16 per cent.
Among the period's largest foreign-invested projects are a $2.26 billion thermoelectric plant being developed by JAKS Hai Duong Power Co, a $400 million Chinese-invested tyre factory, and a $323 million plant to produce special glass for the electronics industry in the southern province of Ba Ria-Vung Tau.
The period also witnessed a shift in the target sectors of foreign investors. Over $6.2 billion, or half of total FDI, went towards the processing and manufacturing sector. Electricity, gas and water production and distribution ranked second with $2.5 billion, making up 20 per cent, following by the construction sector with $1.19 billion. The real estate sector, which used to be the most attractive to foreign investors, drew only $445 million.
Hong Kong remained the leading source of foreign investment, with nearly $3.1 billion, accounting for 24.3 per cent of the country's newly registered capital. It was followed by Japan ($2.12 billion), Singapore ($1.58 billion) and South Korea ($1.16 billion).
The northern province of Hai Duong was the most popular destination for foreign investors, absorbing $2.56 billion, or 20 per cent, of the nation's total FDI. HCM City followed with $2.15 billion, Ha Noi with $1.1 billion and Ba Ria-Vung Tau with $9.13 million.