South Korean foreign directiInvestment (FDI) in Vietnam surpassed US$1.12 billion and topped FDI inflows into the country during the first quarter of 2014, according to Vietnam Foreign Investment Agency.
A recent report from the agency shows that 36 countries and territories invested in Vietnam during the January-April period.
South Korea was the largest investor in Vietnam during the four month period, with $1.12 poured into projects in the country, equaling 23.1 percent of Vietnam’s total FDIs.
Japan, the largest investor in Vietnam during the previous period, fell to second place with total investments of $531 million.
Singapore was the third largest investor with more than $479 million.
According to the Vietnam Foreign Investment Agency, major FDI projects over the past four months included the Thang Long Cement Plant in Quang Ninh, built with a $325 million from Indonesia and the Ilshin Factory in Tay Ninh, built with $177 million from South Korea.
Foreign investors also registered to expand production, with $1.62 billion between January to April.
Among FDI projects this year, Taiwan bicycle chain manufacturer KMC Kuei Meng International Inc has announced plans to build its second factory in Vietnam.
The $5-million project will be built in Dong Nai’s Amata Industrial Park by 2015 and is expected to have a manufacturing capacity of 15 million chains per year.
The current factory in the KMC Kuei Meng in Amata Industrial Park produces 10 million chains a year.
Last week, Deputy Minister of Planning and Investment Dang Tien Dong pledged to improve legal frameworks for creating a favorable investment environment and help the state better manage these activities.
Registered FDI in 2012 saw a slight increase of 4.8 percent to 16.35 billion USD while disbursement of FDI dropped to 10.46 billion USD.
2013 brought some recovery with a total registered FDI of $22.35 billion--a 36.7 percent jump over 2012. Disbursement of FDI increased 9.9 percent that same year to $11.5 billion.
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