Vietnam's registered FDI down 60 percent from 2012

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Processing and manufacturing projects stand to receive $408.9 million or nearly 65 percent of new foreign direct investment registered in Vietnam so far this year

Foreign direct investment in Vietnam was US$630 million by the last week of February, down 60 percent year-on-year, according to a Monday report by Thoi Bao Kinh Te Saigon Online web site.

The report quoted the Foreign Investment Agency as the country has received US$532 million from foreign investors for 99 new projects so far this year, and an extra $98.3 million for current projects, bringing the total foreign investment to just 38.1 percent of what it was at the same time last year.

The agency said few large-scale projects have received investment permits this year, with some investment certification agencies blaming the long break for Tet, which gave government agencies a nine-day holiday.

But representatives from foreign investment consultancy companies said the number of large-scale FDI projects, worth hundreds of millions of dollars in value, simply dropped, compared to this time last year, which saw a $574 million project by tire producer Bridgestone and a $180 million by Oshima Shipbuilding Vietnam.

This year, new FDI came from 25 countries and territories, with Japan topping the list by bringing in $258 million, followed by Taiwan with $81.4 million and Singapore with $56 million.

The agency said $408.9 million or almost 65 percent of the new investment was registered for processing and manufacturing projects, while healthcare and social services received $80 million 12.7 percent and $50.2 million went to real estate.

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It said the registered investments have dropped, but the disbursed money from previous registrations has increased 5 percent from the same period last year, to $1.05 billion.

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