Covid-19 pandemic takes toll on FDI – VnExpress International


By Dat Nguyen  &nbspOctober 28, 2020 | 10:25 am GMT+7
Covid-19 pandemic takes toll on FDI  Covid-19 pandemic takes toll on FDI - VnExpress International WEBDSC1878 1603852752 5829 1603852764

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy.

Foreign direct investment pledges in Vietnam fell 19.4 percent year-on-year to $23.48 billion in the first 10 months.

Around half, $11.66 billion, went into new projects and $5.71 billion into existing projects, according to the Ministry of Planning and Investment.

Of the latter, Thailand’s Siam Cement Group alone accounted for $1.39 billion as it increased its investment in the Long Son Petrochemical Complex in the southern province of Ba Ria-Vung Tau to nearly $5.1 billion.

The remaining $6.11 billion worth of the FDI pledges, which indicate the size of future FDI disbursements, went into buying stakes, representing a 43.5 percent fall.

Experts said the lack of international flights and the global economic fallout have hit FDI in Vietnam though it fared better than most other countries, with the World Bank saying in a report this month that the global decline this year is expected to be 30-40 percent.

Much of the investment went into 18 industries, with manufacturing leading with 45.7 percent, followed by energy and real estate.

The FDI came from 109 countries and territories led by Singapore, which accounted for 31.9 percent, largely due to a $4-billion LNG-fired power plant in the Mekong Delta province of Bac Lieu.

It was followed by South Korea, China, and Japan. Bac Lieu, Ho Chi Minh City and Hanoi attracted the most FDI.

FDI disbursement fell 2.5 percent year-on-year to $15.8 billion between January and October.

In 2019, FDI pledges had been worth $38 billion, a 10-year high.

e.VnExpress

What's Your Reaction?

Cry Cry
0
Cry
Cute Cute
0
Cute
Damn Damn
0
Damn
Dislike Dislike
0
Dislike
Like Like
0
Like
Lol Lol
0
Lol
Love Love
0
Love
Win Win
0
Win
WTF WTF
0
WTF

Comments 0

Your email address will not be published. Required fields are marked *

Covid-19 pandemic takes toll on FDI – VnExpress International

log in

Become a part of our community!

reset password

Back to
log in
error: Content is protected !!
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Open List
Open List
Ranked List
Ranked List
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF