Disbursement of foreign investment exceeds $10 billion during the first 11 months of this year, an increase of 1% 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. |
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% 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% 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%.
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%, 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%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%, of the nation's total FDI. HCM City followed with $2.15 billion, Hanoi with $1.1 billion and Ba Ria-Vung Tau with $9.13 million.
