Vietnam Attracts US$6 Billion Worth of FDI

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Mar. 30 – For the first quarter of the year, Vietnam attracted US$6 billion in foreign direct investment; comprising of 60 percent of the figure for the same period last year, reports the Ministry of Planning and Investment.

So far, FDI mostly went to the province of Ba Ria-Vung Tau amounting to US$5 billion, mainly for entertainment and tourism projects. Ninety-three new foreign investment projects were licensed during the period with an investment capital of US$2.1 billion.

Foreign investors also registered an additional capital of US$3.84 billion in 34 existing projects, an increase of 34 percent in capital compared to the same period last year.

The largest FDI going into the country included the Danish-invested Safari and Binh Chau coastal complex, worth US$500 million, the Charm Urban Development Company project located in the Toc Tien new urban area, worth US$600 million and the Vietstar Mixed-Used complex worth US$200 million. All can be found in the Ba Ria-Vung Tau Province.

Vietnam is targetting US$20 billion in foreign investment for the year, almost a third of 2008 numbers. In Hoh Chin Minh City, 65 FDI projects were licensed with capital worth US$515.6 million.

Real estate and consultancy projects also attracted FDI worth US$401.3 million in addition to FDI being invested in industry, construction and trade sectors.

The British Virgin Islands is the top investor in HCMC with an investment capital of US$301.6 million. South Korea follow next with US$100.8 million then Singapore with US$32.5 million.