08:31 | 07/08/2016 Economy
The processing and manufacturing industry in Vietnam has become very attractive to investors from the Association of Southeast Asian Nations (ASEAN).
Illustrative image (Source: VNA)
ASEAN investors have pumped as much as 27.68 billion USD into 1,176 projects in the field, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
As of July 20, the country had 3,040 valid investment projects from ASEAN capitalised at over 64.47 billion USD.
In the first seven months of 2016, Vietnam attracted 181 new projects and saw 79 existing ones from the bloc increase capital, worth 2.49 billion USD, accounting for 19.26 percent of the nation’s total investment.
In addition to processing and manufacturing, ASEAN investors are interested in real estate, electricity production and distribution, and construction.
Singapore tops the association in investing in Vietnam with 1,663 projects worth 38.1 billion USD, followed by Malaysia (13.8 billion USD) and Thailand (9.4 billion USD).
Singapore and Thailand have continuously increased investment in Vietnam in recent times.
The Ministry of Planning and Investment praised investment projects from ASEAN businesses, especially those from Singapore .
The ministry said Singaporean firms observe Vietnamese law and projects carried out at the Vietnam – Singapore Industrial Park (VSIP) are significant to development.
Attractive destinations include Ho Chi Minh City, Hanoi, and southern Binh Duong and Dong Nai provinces thanks to good infrastructure.
HCM City and Hanoi took the lead, drawing 17.33 billion USD and 8.39 billion USD respectively from ASEAN investors, making up 26.8 percent and 13 percent of the bloc’s total investment in Vietnam./.