Vietnam Jan-April FDI up 6.7 pct y/y: gov't

Reuters

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Foreign investors poured an estimated $4 billion in foreign direct investment (FDI) into projects in Vietnam in the first four months of 2014, up 6.7 percent from a year ago, a government agency said on Friday.
Most of the investment went to the manufacturing and processing sector, followed by real estate and construction, data from the Planning and Investment Ministry's Foreign Investment Department showed.
Competing with new frontier markets such as Myanmar and Cambodia, Vietnam received $11.5 billion in FDI in 2013, nearly on par with the $11.7 billion poured into Malaysia, one of the top five host countries in East and Southeast Asia ranked by the United Nations Conference on Trade and Development.
However, new investment pledges in Vietnam in the January-April period fell 34.6 percent from a year ago to $3.23billion, data from the Planning and Investment Ministry showed.
South Korea was the largest investor in Vietnam in the four-month period, followed by Japan and Singapore.
FDI is an important source of foreign exchange for Vietnam to fund its trade deficit, estimated at $400 million this month.
Vietnam estimates it will attract $15 billion to $17 billion in FDI pledges this year, of which $11 billion to $12 billion would be disbursed, while the World Bank forecast the inflow at $9 billion.

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