Foreign investors maintain confidence in Vietnam’s economy

Vietnam attracted 14 billion USD in foreign direct investment (FDI) in the first eight months of this year. (Photo: VNA)

Vietnam attracted 14 billion USD in foreign direct investment (FDI) in the first eight months of this year, only 2 percent lower than the same period last year, showing foreign investors’ confidence in Vietnam’s economic scenario in mid-and long terms.

Of the investment capital, up to 11.7 percent has been disbursed, up 2 percent as compared with the corresponding time last year.

In August alone, 2.4 billion USD was registered, up 65 percent from the previous month, mainly additional capital injected into the processing and manufacturing industry.

However, this month’s FDI disbursement dropped 14.3 percent against July and 12.2 percent year-on-year as the social distancing order has been imposed in major economic centres.

Budget collection in August also went up 13.9 percent while total spending reduced 5.9 percent year-on-year.

According to the World Bank, Vietnam’s economic recovery in the fourth quarter will depend on the government’s capacity for COVID-19 containment, stressing the urgency of vaccination, with at least 70 percent of adults to be injected.

It suggested the government employ more measures to boost domestic demand and speed up public investment disbursement and the implementation of supportive packages for people, enterprises and household businesses./.