FDI pledges into Vietnam hit nearly US$28 billion in first ten months

15:05 | 29/10/2018 Investment

Foreign investors pledged to pour US$27.9 billion into Vietnam in the first ten months of 2018, down 1.2% compared with the same period of last year, according to the Foreign Investment Agency.

The manufacturing sector receives US$13.2 billion or 47.5% of the total FDI pledges - Photo: VNA

Meanwhile, the disbursement of foreign direct investment (FDI) rose 6.3% year on year to US$15.1 billion, data as of October 20 showed.

The foreign-invested sector’s export revenues reached US$143.4 billion, accounting for 72.2% of Vietnam’s total exports, while its imports were US$116.3 billion, recording a trade surplus of US$27.1 billion.

Manufacturing was the most attractive sector to foreign investors in the first ten months, receiving US$13.2 billion or 47.5% of the total pledges during the period, followed by property trading and wholesale and retail.

Japan was the largest foreign investor with US$7.6 billion, with the Republic of Korea and Singapore occupying second and third positions for their respective US$6.5 billion and US$3.9 billion pledges.

The January-October period saw Hanoi as the largest recipient of FDI with US$6.15 billion. The southern economic hub of Ho Chi Minh City received US$4.6 billion to secure second position and Ba Ria-Vung Tau’s US$2.4 billion gave it third place.

During the same period, Vietnam also approved plans by domestic firms to invest a total of US$297.3 million in new projects abroad and pour an additional US$47.1 million into existing projects, raising Vietnam’s total overseas investment to US$344.4 million.

The investments of Vietnamese companies are mainly concentrated in the finance-banking sector, followed by agro-forestry and manufacturing.

Laos was the largest recipient of Vietnamese FDI with US$97.6 million. Australia and Slovakia came second and third with US$50.2 million and US$35.9 million respectively.

Theo NDO