Foreign direct investment (FDI) pledges to Vietnam in the first three months of 2020 fell by a sharp 20.9% over the same period of 2019 to US$8.55 billion, according to the Foreign Investment Agency.

Bac Lieu province grants a permit for a foreign-invested LNG power station project. (Photo: VNA)

Disbursement also dropped by 6.6% year-on-year to US$3.85 billion, data as of March 20 has shown.

In the first quarter, Vietnam licensed 758 foreign-invested projects worth a total of US$5.5 billion, mainly thanks to a US$4 billion liquefied natural gas (LNG) power plant in the southern province of Bac Lieu.

Such an investment made Bac Lieu the largest recipient of foreign investment and power generation the most attractive industry during the period.

Additional pledges to existing projects and capital contributions and share purchases saw steep declines to US$1.07 billion and US$2 billion, respectively.

With power generation occupying the top place, manufacturing was the second most attractive sector with US$2.72 billion, followed by wholesale and retail with US$682 million.

Ho Chi Minh City was the second largest recipient of foreign investment with over US$1 billion while the southern province of Tay Ninh came third with US$506.8 million.

A breakdown of investors shows that Singapore made the largest investment in Vietnam in the January-March period with US$4.54 billion, followed by Japan and China with US$846.7 million and US$815.6 million, respectively.

As of March 20, there were over 31,600 active foreign-invested projects in the country with total pledges of US$370 billion, of which 58.3% had been disbursed.

 Source: NDO

Related Topics

Co-operatives pioneer in implementing OCOP programme

(HBO) – Being a pioneering force in implementing the One Commune One Product (OCOP) programme, co-operatives always take the initiative to improve product quality, packaging, labeling and create origin-tracing stamps to meet the programme’s standards.

Hoa Binh city’s industrial and craft production value up 8.8 percent

(HBO) – In the past time, the COVID-19 pandemic has caused a slowdown in industry - craft production across Hoa Binh city, with many firms working in indifferent manner.

Muong Pa indigenous pig breeding cooperative ensures food safety

(HBO) - Despite raising black pig (an indigenous variety) for long, it’s only when joining the Muong Pa local pig breeding cooperative did member households in Xam Khoe and Bao La communes in Mai Chau district have chances to gain access to the commodity economy.

Bringing seeds with high economic efficiency to poor land

(HBO) - Phan Tuyet Nga, a local in Chuong My district (Hanoi), has brought asparagus seeds to poor land in Ben Nghia village, Phu Nghia commune, Lac Thuy district, Hoa Binh province. With nearly five years of development, her asparagus planting model has proved effective, bringing in good income. It has gradually been expanded to some surrounding areas.

Hoa Binh leaders work with President of Vietnam General Confederation of Labour, leading officials of T&T Group joint Stock Company

The Standing Board of the provincial Party Committee has a meeting with the Chairman of the Vietnam General Confederation of Labor and leaders of T&T Group joint Stock Company.

Hoa Binh’s provincial competitiveness index improves

(HBO) - After many years standing at low positions in the provincial competitiveness index (PCI) rankings, Hoa Binh jumped to the mid-high group with 63.84 points, 2 points higher than that of 2018.