Foreign direct investment picks up nearly 41 percent
Friday, May 26,2017AsemconnectVietnam - Total foreign direct investment (FDI) in Vietnam reached 11 billion USD from the outset of the year, a year-on-year surge of nearly 41 percent, said the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).
The MPI said that the business climate and competitive and business development had improved.
Nearly 5 billion USD in FDI capital was disbursed in the period, 3.2 percent higher than the same time last year. The Republic of Korea ranked first in capital disbursement, followed by Japan and Singapore.
The rapid increase of FDI in Vietnam was spurred by several large-scale projects approved in March. Notably, Samsung Display project got expansion approval in Bac Ninh province with additional investment of 2.5 billion USD. This pushed FDI figures to 7.71 billion USD in the first quarter, double that of the first two months.
Other big projects getting cash included Taiwan Polytex Far Eastern (Vietnam) Company in Binh Duong province (485.8 million USD), Coca-Cola Vietnam in Hanoi (319.8 million additional capital), Vietnam-Singapore Industrial Park III (284.75 million USD), Tole Panel plant in Binh Phuoc province (269.5 million USD) and Kolon Industries Inc (220 million USD) in Binh Duong province.
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