10:47 | 04/12/2017 Investment
Disbursement of foreign direct investment (FDI) in Vietnam reached US$16 billion in 2017 as of November 20, up 11.9% compared with the same period last year, according to the Foreign Investment Agency (FIA).
Official figures show FDI pledges rose by nearly 83% year on year to an estimated US$33 billion, of which US$19.8 billion were committed to approximately 2,300 new projects.
Manufacturing remained the largest FDI recipient, accounting for 45.2% of total pledges in the first eleven months of 2017, followed by power generation and distribution at 25.3% and property development at 7.6%.
Japan outperformed the Republic of Korea to become the largest foreign investor in Vietnam, pouring a total of US$8.94 billion. Korea fell to the second position with US$8.18 billion, followed by Singapore’s US$4.69 billion.
Ho Chi Minh City remained the largest recipient of FDI, attracting US$5.68 billion, while the provinces of Bac Ninh and Thanh Hoa trailed behind with US$3.28 billion and US$3.16 billion respectively.
According to the FIA, the foreign sector exported goods, excluding oil, worth US$140.65 billion in the first eleven months of 2017, accounting for 71.2% of Vietnam’s total export revenues.
Meanwhile the sector’s imports were estimated at US$114.5 billion, up 23.2% from the previous year and accounting for 60% of Vietnam’s total imports.