Vietnam’s Jan.-Jul. pledged FDI drops 6.9% to $18.82bln

Xuan Thinh Tuesday | 07/28/2020 09:35

Photo: kinhtemoitruong.vn

Vietnam received $18.82 billion in FDI in the first seven months of 2020, down 6.9% from a year ago, according to data released by Ministry of Planning and Investment on Monday.

There were 1,418 newly licenced projects during the Jan-Jul. period, with registered capital of $9.46 billion.

There were 526 licenced projects from previous years registered as having adjusted their investment capital with additional capital of $4.7 billion, up 37.6% on-year.

During the seven-month period, 4,459 foreign investors contributed capital and purchased shares with a total value of nearly $4.64 billion, down 45% from a year ago.

Of the pledged foreign investment, nearly 55% are due to be invested in manufacturing and processing, while 28.2% would go to gas, water and electricity distribution.

Disbursed FDI inflows into the Southeast Asian economy in the reported period fell 4.08% to $10.12 billion.

Foreign direct investment has been a key driver of Vietnam’s economic growth. FDI sector accounts for around 70% of the the country’s exports.

► Economists see Vietnam’s 2020 GDP to grow 3.8%