FDI floods in to the tune of $2 billion

The nation attracted US$2.65 billion in foreign direct investment (FDI) in the first two months of the year, according to the Ministry of Planning and Investment.

Workers at the Belgian-invested Grand Place Ltd Co package dark chocolate. The country attracted $2.65 billion in FDI in the first two months of the year

In February, Viet Nam lured 37 new FDI projects worth US$879 million, bringing the total number in the first two months of the year to 72, a cumulative worth of $2.5 billion.

The figure represents a 58 per cent increase in the number of projects and a 56 per cent rise in the value of registered investment compared to the same period last year.

Meanwhile, as many as 17 existing FDI projects upped their investment capital in the first two months by a combined $122 million, respective gains of 42 and 39 per cent in terms of the number of projects and amount invested over the same period in 2007.

Construction of the $1.3 billion theme park by the US’ Good Choice Corporation in Ba Ria-Vung Tau Province accounted for around 50 per cent of total FDI in the first two months.

According to the the ministry’s Foreign Investment Agency, $1.088 billion of foreign investment was disbursed in Viet Nam in January and February, up 57 per cent against the same period last year.

Investment in Viet Nam came from 82 different countries and territories around the world, the United States sank the most money with $1.3 billion, 52 per cent of total FDI.

So far this year, the total revenue of foreign enterprises in Viet Nam was $4.9 billion, a year-on-year increase of 25 per cent.

Last year, the nation drew $20.3 billion in FDI, a year-on-year increase of nearly 70 per cent, accounting for nearly 20 per cent of total FDI in the 20 years since the Law on Foreign Investment came into effect.

(Source: VNS)