Vietnam unlikely to achieve FDI target

Vietnam’s foreign direct investment in the first three quarters was only US$9.9 billion, raising doubts if the country would reach its full-year target of $20 billion.

The Ministry of Planning and Investment’s Foreign Investment Agency said the figure was down 28 percent year-on-year.

New projects accounted for $8.23 billion, down 31 percent, while investors added $1.66 billion to existing projects.

Processing and manufacturing accounted for $4.91 billion, or 49.6 percent of investment.

Electricity production and distribution attracted $2.52 billion and construction, $689.3 million.
Viet Nam News said the northern province of Hai Duong was the top destination for foreign investors, attracting $2.48 billion, or 30 percent of the total FDI.

It was followed by Ho Chi Minh City with $1.68 billion, Ba Ria-Vung Tau Province with $548 million, and Hanoi with $451 million.

FDI disbursement in the year to date was $8.2 billion, up 2 percent, and the department said the year’s target of $11.5 billion was achievable.

Of 47 countries and territories that have invested this year, Hong Kong topped the list with $2.9 billion, or 29.3 percent of total FDI, followed by Singapore and Japan. – Tuoitre News

Tags: invest in Vietnam, Vietnam FDI, Vietnam FDI 2011, Vietnam investment