Singapore sends FDI skywards

Monday, Jul 29, 2013 08:07

Vegetable oil being produced at a Singapore-invested Cai Lan Oils and Fats Industries Co's factory in Quang Ninh Province. During the first seven months, Singapore was the biggest foreign investor with registered capital of nearly $2.5 billion.— VNA/VNS Photo Hong Ky

HA NOI (Biz Hub)— Foreign direct investment (FDI) registered during the first seven months of this year surged by 19.6 per cent over the same period last year to US$11.91 billion.

General Statistics Office figures show $6.92 billion came from 677 newly licensed projects, up 10 per cent, while the remainder was an increase of capital on 266 existing projects.

Disbursed FDI during the period rose 6.4 per cent per cent year-on-year to $6.7 billion.

Among 42 countries and territories investing in Viet Nam, Singapore was the biggest foreign investor with registered capital of nearly $2.5 billion. Its investment accounted for 36 per cent of the total capital of newly invested projects.

Other major foreign investors in the review period included Russia ($1 billion), Japan ($1 billion), South Korea ($667 million), Hong Kong ($576 million) and Thailand ($309 million).

Foreign investment of $10.44 billion went into processing and manufacturing industries which made up 87.5 per cent of the country's total registered capital. Real estate came next, with $581 million or 5 per cent of the nation's total registered FDI.

Thai Nguyen Province led the nation in FDI attraction in the period with $2.14 billion, followed by Binh Dinh $1 billion, Hai Duong $612 million, Binh Duong $461 million, Dong Nai $339 million, Hai Phong $335 million and HCM City $334 million.

Hai Phong eyes trade

The northern port city of Hai Phong was willing to create favourable conditions for foreign investors, municipal People's Committee chairman Duong Anh Dien said.

While receiving Japan's visiting Keidanren business delegation seeking investment opportunities on Saturday, he highlighted the city's advantages, such as high-quality human resources and convenient water and land routes linking the country's major key economic zones.

Dien called on Japanese investors to pay attention to high-tech projects, support industries and logistics and capitalise on the city's friendly investment climate and streamlined administrative procedures.

Hai Phong was now among the top 10 localities in Viet Nam in terms of foreign investment attraction, thanks to its traffic convenience, modern infrastructure and incentive policies.

The city's industrial parks and economic zones were being occupied by many foreign investors, especially those from Japan.

The zones and parks had attracted approximately $10 billion in investment capital, with around half of it being foreign direct investment. — VNS

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