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Vietnam's Jan-Sept FDI inflows down 11 pct: report   2009-09-25 - Reuters

Foreign direct investment (FDI) into Vietnam dropped 11 percent to US$7.2 billion in the first nine months of this year from a year before, state media reported on Friday.


This inflow put Vietnam on track to achieve a target of $10 billion in actual FDI inflows this year, the Saigon Giai Phong (Liberation Saigon) daily said, quoting a report from the Planning and Investment Ministry's foreign investment department.

New pledges between January and September plunged 85.7 percent from a year before to $7.67 billion, but Phan Huu Thang, the head of the department, was quoted as saying this was still a positive figure, given the global economic crisis.

Vietnam has forecast it would attract new pledges of $20 billion this year, 70 percent down from last year's $66.4 billion.

Foreign investment inflows, along with overseas remittances, are a key source of foreign exchange helping Vietnam offset its trade deficit.

The Asian Development Bank said on Tuesday that Vietnam's foreign currency reserves in the first half of this year dropped to $17.6 billion from $23 billion at the end of 2008.

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