FDI hits US$1.9 bil in two months

Vietnam has attracted more than US$1.9 billion in Foreign Direct Investment (FDI) in the first two months of this year, a year-on-year increase of 45 percent, according to the Foreign Investment Department under the Ministry of Planning and Investment.

February alone saw 96 projects licensed with a total registered capital of US$1.2 billion, marking a year-on-year rise of 11 percent and 27 percent, respectively. Meanwhile, 38 operational projects were permitted to add US$360 million to their investment capital.

Thailand emerged as the biggest investor in Vietnam in the past two months, making up 33.8 percent of the total investment flow. Among Thai-invested projects was a US$220 million paper mill project in southern Binh Duong province invested by the Siam Cement Group.

The reviewed period also saw an increase in the number of foreign investors seeking opportunities in Vietnam, including the Foxcora group from Taiwan with a plan to build a US$5 billion "city" specializing in hi-end electronic products in the northern provinces of Bac Ninh and Bac Giang. One billion dollars will be injected into the first phase of the project, which is to get off the ground in 2007.

Meanwhile, the Gamuda group of Malaysia plans to pour US$1 billion in building hotels, conference centres, and other luxury buildings. The Rivier group of Japan wants to build a US$500 million five-star hotel in Hanoi, and the Compell group of Taiwan projects a US$500 million electronics production plant.

Investors from the Republic of Korea (RoK) also proposed to invest US$500 million in building a racecourse.

(Source: VOV)