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FDI down 17% in four months   2009-04-29 - VietNamNet/Viet Nam News

Foreign direct investment into Viet Nam declined year-on-year 17 per cent to US$6.36 billion in the first four months of this year, according to the Ministry of Planning and Investment's Foreign Investment Agency.

Foreign investors with projects in Viet Nam have registered to increase capital to $3.87 billion in the first four months.

The agency attributed the fall in investment to the global economic crisis/which it said had encouraged governments to encourage their domestic industries to do business at home.

Current FDI in 145 projects now stands at $2.48 billion.

Foreign investors with projects in Viet Nam have registered to increase capital to $3.87 billion in the first four months.

US firms were the biggest investors in Viet Nam in the first four months, investing $3.8 billion, which included 1 million in two new projects.

The second and third largest foreign investors were South Korea with $969 million, and Hong Kong with $531 million.

The service sector attracted the lions share of the FDI, worth $5.95 billion, which included real estate.

Meanwhile, FDI in the industrial sector reached just $392 million. In previous years, the two sectors often lured similar rates of FDI.

Meanwhile, there was almost no foreign capital invested in the agricultural, forest and seafood sectors in the first four months.

Early this month, the Government ordered ministries and other state agencies to implement six measures to lure more FDI during the global economic crisis. They included a review of all policies for attracting FDI, announcement of the Government's investment programmes and plans for developing infrastructure by 2020.

The Government also called for better co-ordination between the Government and local authorities to enhance supervision of FDI activities.

The Government said it would also continue to speed up administrative reform and strengthen dialogue between the State and investors - particularly through regular business forums.

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