January FDI plunges to $187.6 mln

Foreign direct investment is estimated to have dropped more than 84 percent year on year in January to $187.6 million, according to the General Statistics Office of Vietnam.

Forty new foreign projects worth $182.3 million were licensed while five existing ones hiked their investment by $5.3 million.

The processing and manufacturing sector remained the most attractive area for foreign investors, receiving $70 million, followed by construction with $63.6 million.

Ba Ria-Vung Tau remained top among 64 cities and provinces in attracting FDI in January, accounting for $78.4 million, followed by Ho Chi Minh City with nearly $43 billion, and Ha Tinh and Hung Yen with $20 million and 18 million.

Singapore led the list of foreign investors with $56 million. It was followed by Korea ($49.9 million) and Japan ($26.3 million).

Actual disbursement of money, mostly of FDI committed last year, was an estimated $420 million, a 5 percent rise.

The Ministry of Planning and Investment has set a target of $20 billion in FDI commitments and $11.5 billion in disbursements.

Last year the respective figures were $18.59 billion and $11 billion.