FDI pledges to Vietnam hit US$14.59 billion in first four months

12:27 | 05/05/2019 Investment

Pledges of foreign direct investment (FDI) in Vietnam reached US$14.59 billion in the first four months of 2019, the highest figure in the past four years.

Hanoi has become the largest recipient of FDI - Illustrative image

That’s up 81% compared with the same period of 2018, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Disbursement during the period only increased by 7.5% to reach US$5.7%.

As of April 20, investment licenses have been granted to 1,082 new projects worth a total of US$5.34 billion, up 50.4% over the same period of last year, while capital contributions and share purchases were estimated at US$5.68 billion.

An additional US$2.11 billion were poured into 395 existing projects, with pledges down 6% in comparison to the same period of 2018, stated the FIA.

The four months of 2019 saw the foreign-invested sector, including oil firms, record a trade surplus of US$11.17 billion.

Without oil revenues, the surplus would be US$10.5 billion.

The manufacturing sector was the largest recipient of foreign investment at US$10.5 billion, accounting for nearly 72% of total FDI pledges. Property trading came second with US$1.1 billion, followed by wholesale and retail with US$742.7 million.

A breakdown of investors showed that Hong Kong (China) was the largest investor with US$4.7 billion. The Republic of Korea and Singapore occupied the second and third positions respectively.

Meanwhile, Hanoi has become the largest recipient of FDI, receiving more than US$4.47 billion. Ho Chi Minh City came second with US$2.37 billion and Binh Duong province ranked third with US$1 billion.

Theo NDO