Foreign direct investment surged by 54.5 per cent last year to US$21.6 billion, according to the Ministry of Planning and Investment.— Photo thesaigontimes

HCM CITY (Biz Hub)— Foreign direct investment surged by 54.5 per cent last year to US$21.6 billion, according to the Ministry of Planning and Investment.

Of this, $11.5 billion has already been brought in, an increase of nearly 10 per cent over the previous year.

Analysts said it showed that foreign investors feel confident about investing in Viet Nam despite the continuing economic woes.

Manufacturing accounted for over $16.6 billion of the FDI with more than 600 new projects.

Japan was the top investor with nearly $5.8 billion, followed by Singapore with $4.4 billion, and South Korea with $4.3 billion.

The northern province of Thai Nguyen was the top destination with inflows of $3.4 billion, followed by Thanh Hoa with $2.92 billion and the northern port city of Hai Phong with $2.6 billion.

Some major projects licensed last year include Japan's $2.8 billion Nghi Son oil refinery in Thanh Hoa, the Chinese-invested Vinh Tan 1 thermal power plant in the central province of Binh Thuan worth more than $2 billion, and Samsung Electronics Viet Nam's $2 billion plant in Thai Nguyen.

FDI companies added $88.5 billion to the country's exports, a rise of 22.4 per cent from the previous year. – VNS