Vietnam sees 67 percent rise in foreign investment in January

Vietnam sees 67 percent rise in foreign investment in January

Vietnam has attracted more than US$663 million in foreign direct investment (FDI) in January, a 67-percent increase compared to the pledges this time last year.

The country licensed 44 new projects to foreign investors with a combined capital of $392 million, up 85.5 percent, according to the Foreign Investment Agency.

It also allowed 19 existing projects to boost funding by a total $271.26 million, an increase of 45.8 percent.

Among 15 countries and territories investing in Vietnam in January, British Virgin Islands is the biggest investor with $331.32 million, making up half of the total pledged investment.

The tax haven has initiated a luxury clothing production project that alone is worth $300 million.

It is followed by South Korea, with $110.25 million, and Hong Kong, with $105.5 million.

The top areas for foreign investment this month are process engineering, wholesale and retail, and water and electricity production and distribution.

Ho Chi Minh City is still the country’s major investment magnet, accounting for 52.3 percent of the total figure, followed by Binh Duong and Hai Phong.

The Foreign Investment Agency said foreign investors have disbursed $505 million as of January 20, up 8.6 percent.

Vietnam sees 67 percent rise in foreign investment in January Related image(s)