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FDI inflow tops $20 billion for the year   2009-12-28 - Thanh Nien

Vietnam this year has attracted US$21.48 billion in foreign direct investment (FDI), local newswire Vietnamnet quoted the investment ministry’s Foreign Investment Department as saying on Sunday.



Although it was just 30 percent of last year’s FDI, it wasn’t bad given the economic crisis, the department said on the newswire, noting that they initially expected inflows of $20 billion this year.

According to the agency under the Ministry of Planning and Investment, the investment included 839 new projects with a registered capital of $16.34 billion and 215 ongoing projects supplementing their capital with $5.13 billion.

The hospitality sector accounted for most of the investment, followed by real estate and processing industries, according to the news source.

The US remained the country’s biggest investor, followed by Cayman Islands, Samoa and South Korea, the department said.

The southern coastal province of Ba Ria – Vung Tau attracted most of the FDI, while the central province of Quang Nam and the southern province of Binh Duong ranked second and third respectively, it added.

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

Prime Minister Nguyen Tan Dung said last week that Vietnam's economy grew 5.2 percent this year, but economic stability had not been sustained because of the trade deficit and lower foreign reserves following falls in foreign investment, exports and remittances.

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