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FDI disbursement hit a record high in 2016 PDF Print
Friday, 06 January 2017 11:02

VIETRADE - Disbursement of foreign direct investment (FDI) in 2016 reached a record high of an estimated US$15.8 billion in 2016, up 9% year-on-year, according to the Ministry of Planning and Investment ‘s Foreign Investment .


Up to 2,556 new foreign-invested projects, worth US$15.18 billion, were granted licences during the year, representing a yearly rise of 27% in number of projects but a modest reduction of 3% in level of capital.


In the same period, 1,225 operating projects were allowed to add US$5.76 billion to their capital, surging 50% year on year in project number but equal to just 80.3% of capital .


Totally, FDI capital registered in the country topped US$24.4 billion in 2016, the department said.


Among the large-scale projects in 2016 included the LG Display Hai Phong worth US$1.5 billion invested by the Republic of Korea’s LG Display Co Ltd, the US$550 million LG Innotek Hai Phong financed by LG Innotek also of the Republic of Korea and the US$315.46 billion Dam Nha Mac sea port-industrial park complex in Quang Ninh Province funded by CDC of the Cayman Islands.


While FDI was poured into 19 sectors, the manufacturing and processing sector lured the largest amount of FDI with 64% or US$15.53 billion. It was followed by the automobile and motorbike wholesale, retail and repair with 8% or nearly US$1.9 billion and real estate with 7% or US$1.68 billion.


In 2016, 95 countries and territories had investments in Vietnam. Of them, the Republic of Korea took the lead in terms of capital with US$7 billion, accounting for 29% of the nation’s total FDI. Japan came second with US$2.58 billion, making up 11% of the total, and Singapore ranked third with US$2.41 billion, totaling 10%.


The country’s other major sources of FDI in the year included mainland China with approximately US$1.88 billion; Taiwan (US$1.86 billion); Hong Kong (US$1.64 billion); Malaysia (US$914 million) beside to  British Virgin Island (US$860 million) and Thailand (US$700 million).


HCM City was the most attractive destination for foreign investors as it absorbed US$3.42 billion (14% of the total). The northern port city of Hai Phong came next with US$2.98 billion USD (13%). Hanoi, Binh Duong and Dong Nai followed with US$2.79 billion, US$2.36 billion and US$2.23 billion, respectively.


Other lucrative localities for foreign investors were Bac Giang, luring US$1 billion in investment; Bac Ninh (US$899 million);  Long An (US$822 million); Ha Nam (US$705 million) and Tay Ninh (US$701 million).


The foreign-invested sector posted an estimated export value (including crude oil) of US$125.9 billion for the year, up 10.2% from 2015 and accounting for nearly 72% of the country’s total export revenue.


The sector’s non-oil export value was estimated at US$123.55 billion, an increase of 12% over 2015 and making up 70.2% of the nation’s total export revenue.


Meanwhile, the sector imported US$102.2 billion worth of goods in 2016, inching up 5% over a year ago and totaling 59% of the country’s import turnover.


Earlier in October, both the Asian Development Bank and the World Bank predicted that buoyant FDI inflows were expected to drive higher growth in Vietnam’s manufacturing and construction industries.


Much of this investment was directed to manufacturing to generate a steep rise in production, and exports of mobile phones, electronics, and other products.


FDI contributed about 18% of Vietnam’s GDP, nearly a quarter of total investment, two thirds of total exports and millions of direct and indirect jobs, according to the World Bank./.

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