Vietnam lures 3.1 billion USD in FDI in two months

Illustrative image (Source: VNA)

Vietnam attracted a total committed foreign direct investment (FDI) of 3.1 billion USD in the first two months of 2023, down 38% year-on-year, according to the Ministry of Planning and Investment.

Of the total, 1.76 billion USD was poured into 261 new projects while an additional 535.4 million USD was committed to 133 existing projects. Stake purchases by foreign investors were estimated 797.9 million USD.

The manufacturing sector was the largest recipient of FDI, with 2.17 billion USD, accounting for 70.1% of total pledges, followed by property trading with 396.9 million USD, and wholesale and retail with 202.1 million USD.

Singapore was the largest foreign investor in Vietnam during the period, with 978.4 million USD, equivalent to nearly one third of the total figure.

Taiwan (China) and the Netherlands came second and third with 407.1 million USD and 369 million USD, respectively. Other large investors included China, the Republic of Korea and Sweden.

Bac Giang was the largest FDI recipient with 824.3 million USD, followed by Ho Chi Minh City with 369.1 million USD.

During the two-month period, disbursement was estimated at 2.55 billion USD, down 4.9% from last year.

Exports by foreign-invested firms (including crude oil) fell by 5.3% year-on-year to 38.4 billion USD, accounting for over three quarters of the country’s total export revenue./.