Jun. 25 – According to a Vietnamese foreign investment official, foreign direct investment (FDI) in the country plunged by 77.4 percent to US$8.87 billion for the first 6 months of the year.

Figures compiled by the agency showed that only US$4.7 billion worth of new projects were licensed during the period, a 86.7 percent in value over the same period last year.

Another US$4.1 billion was poured into 68 operational projects, an increase of 13.8 percent. The agency head, Phan Huu Thang told Thanh Nien News added that the FDI result was still positive given the extent of the current economic slowdown.

He added that the figures showed that investors believed in Vietnam’s moves toward a quick economic recovery and future development.

By the end of 2008, Vietnam reported US$71.7 billion worth of FDI broken down as US$66.4 billion coming from new projects while the rest was from operational projects.

The agency also said that there are currently 187 projects in negotiations worth an estimated  US$85.4 billion set for this year to next.

The country is forecast to attract US$20 billion worth of FDI by the end of the year. As for disbersal, some US$8 billion worth of FDI is estimated to be released and by 2010, that disbursal is seen to climb to US$9 billion.