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Wednesday, October 28, 2020

Chinese-invested projects in Vietnam surge to second highest spot

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HCMC – Chinese firms have invested in a large number of projects—the second highest during the January-September period—surpassing leading investors such as Japan and Singapore.

According to the latest report of the Ministry of Planning and Investment, this month, the nation attracted foreign direct investment (FDI) capital worth US$1.66 billion, taking the total number of newly registered, revised and share acquisition capital by foreigners between January and September to US$21.2 billion. The figure was 81.1% of that recorded during the same period last year.

Of this, 1,947 projects have been granted investment certificates, down 29.4% year-on-year. Their combined capital was US$10.36 billion, a 5.6% drop.

Meanwhile, investors have added capital to 798 projects, falling 23% year-on-year, with a total value of over US$5.1 billion, up 6.8% against last year.

During the period, foreigners invested US$5.73 billion in the country via share purchases, 55.1% of last year’s figure. Share acquisition capital made up 27% of the total FDI capital compared to last year’s ratio of nearly 40%.

According to the ministry, 111 countries and territories have made investments in Vietnam since early this year, with Singapore being the largest investor with over US$6.7 billion, making up 32% of the combined value.

South Korea ranked second with US$3.17 billion or 15%, followed by China with US$1.87 billion or 8.8%, Japan, Thailand and Taiwan.

In terms of the number of new projects, South Korea had 499 projects, followed by China with 271, Japan with 209 and Singapore with 173.

Foreigners have tapped 60 provinces and cities in the country, with Bac Lieu Province having the highest FDI amount thanks to a US$4 billion project, making up 18.8% of the total registered capital.

HCMC stood second with US$3.25 billion or 15.3%, followed by Hanoi with US$2.92 billion or 13.8%.

The southern metropolis remains at the top for the number of new FDI projects at 719, followed by Hanoi with 409 and Bac Ninh Province with 119.

By Le Hoang

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