Vietnam foreign investment surges 16 pct in first half

TN News

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Foreign direct investment is up nearly 16 percent in the first half of this year at US$10.47 billion from the same period last year.

Of this new projects were worth $5.8 billion, a year-on-year rise of 3.7 percent.

Manufacturing and processing attracted the largest investment, accounting for 89 percent of the investment.

The 259 newly registered projects include a $2-billion plant to make mobile and other electronic devices by South Korea's Samsung and a $1-billion plant to produce spare parts of buses and assemble them by Russia's Bus Industrial Center.

The property sector, despite being in the doldrums due to oversupply in a stagnant economy, attracted the second largest amount of $420 million.

Thanh Hoa Province in the north attracted the largest amount, with the Kuwait Petroleum International, Japanese firms IKC and MCI, and their local partner company earlier this year pledging an additional $2.8 billion in an oil refinery to take the total investment to $9 billion.

Japan was the largest investor with $3.99 billion, followed by Singapore and Russia.

The Vietnamese government's full-year FDI target is $13-14 billion, and analysts said it is likely to be met or even exceeded.

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