Vietnam Jan-Aug FDI down 12.3 pct

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Foreign direct investment to Vietnam totaled US$11.57 billion in the first eight months, down 12.3 percent from a year ago, the government said Thursday.

The figure recorded in the eight months ending August 20 was equivalent to half of the full-year target, according to a report on the government website. Vietnam has set a target to attract between $22 million and $25 million of FDI in 2010.

There was a sharp decline in additional investment to existing projects, the government said. Only 143 projects received more funds with a combined additional investment of $787 million, just 14.2 percent compared to the same period last year.

Vietnam would still be able to reach the annual FDI target because there are many projects, including a few billion dollar ones, under negotiation, the report said, citing the Foreign Investment Agency.

FDI disbursement reached 7.25 percent in the first eight months, up 3.6 percent year on year. The government said this was a good result considering the full-year disbursement target of $10 billion.

The Netherlands was the largest investor in the first eight months with more than $2.2 bllion in seven projects, local news website VnExpress reported.

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