Connect with us

What are you looking for?

ECONOMY

Singapore is Vietnam’s leading foreign investor in 2020

Singapore becomes the leading foreign investor of Vietnam this year, with total investment capital of US$9 billion, accounting for 31.5% of the overall.

Among 112 countries and territories investing in Vietnam in 2020, Singapore took the lead with total investment capital of US$9 billion, accounting for 31.5% of the overall. It was followed by the Republic of Korea, China, Japan, Taiwan (China), and Hong Kong (China), according to VOV.

Ho Chi Minh City ranked first among the country’s 60 provinces and cities in terms of foreign direct investment attraction this year with a total registered investment capital of US$4.36 billion, thereby making up 15.3% of the total.

Singapore has risen to become the largest foreign investor in Vietnam this year, with total investment capital of US$9 billion, accounting for 31.5% of the overall. Photo: VOV

Bac Lieu province was notable for attracting one major project worth US$4 billion, while Hanoi came third in terms of projects with US$3.6 billion. This was trailed by Ba Ria-Vung Tau, Binh Duong, and Hai Phong.

According to statistics compiled by the Ministry of Planning and Investment, as of December 20, the country’s total foreign investment capital had reached a sum of US$28.5 billion, a decline of 25% compared to 2019. In addition, the realized capital of foreign direct investment (FDI) projects was estimated at US$19.98 billion, a drop of 2% compared to the same period from last year.

Due to the negative impact of the novel coronavirus (COVID-19) epidemic, the investment capital disbursement of FDI projects this year has endured a slight decrease compared to the figures from the last year.

Many foreign-invested enterprises are gradually initiating a recovery process and striving to maintain their production and business activities. Besides, there are still many foreign investors keen on investing in Vietnam. Statistics from the Ministry of Planning and Investment indicated that nearly 300 foreign enterprises have plans to expand investment in the country, 60 of which have achieved initial results in carrying out their plans.

There were 2.523 new registered projects with a total capital of US$ 14.6 billion, down by 35% and 12.5% in project numbers and value respectively compared to the same period last year, Baodautu reported.

As many as 1.140 existing projects were allowed to raise the investment capital by more than US$ 6.4 billion in total, a year-on-year increase of 10.6 %.

In terms of capital contribution and share purchases, there were 6.141 times of capital contribution and share purchase by foreign investors totaling US$7.5 billion, declining 51.7% over the same period.

Regarding the number of new projects, Ho Chi Minh City still takes the top spot with 950 projects, followed by Hanoi with 496 projects, and Bac Ninh province with 153 projects.

FDI capital was invested into 19 sectors, in which the manufacturing and processing industry took the lead after receiving over US$13.6 billion, or accounting for 47.7% of the total. It was followed by power production and distribution with over US$5.1 billion, or occupying 18% of the total, real estate with US$4.2 billion, and wholesale and retail with US$1.6 billion.

Notably, a US$34.6 billion trade surplus in the FDI sector offset a 15.6 billion trade deficit in the domestic sector, which helped the whole economy obtain a trade surplus of US$19.1 billion.

Vietnamtimes