Sunday,  Jun 7, 2020,16:24 (GMT+7) 0 0
Fresh FDI approvals up in three months
By Pham Nhat
Friday,  Mar 27, 2020,12:46 (GMT+7)

Fresh FDI approvals up in three months

By Pham Nhat

An employee is at work at a PMTT Automation JSC plant in Hanoi – PHOTO: VNA

 

HCMC –  A total of 758 FDI projects were given the go-ahead as of March 20, and their capital pledges amounted to a combined US$5.5 billion, up 44.8% from a year earlier, according to the Foreign Investment Agency.

The agency, under the Ministry of Planning and Investment, ascribed the capital surge to a liquefied natural gas-fired power plant project worth US$4 billion in the Mekong Delta province of Bac Lieu, funded by Singapore’s Delta Offshore Energy.

Meanwhile, 236 existing projects received an additional US$1.07 billion, down 18% compared with the same period last year.

The number of mergers and acquisitions among foreign investors rose by 52.6% to over 2,500, worth nearly US$2 billion in total. The agency claimed their overall capital value accounted for some 34.4% of the year-on-year value. Each transaction averaged US$0.78 million, much lower than the US$3.4 million earned a year earlier.

FDI disbursements totaled US$3.85 billion in the first quarter of this year, a year-on-year decline of 6.6%.

According to the agency, the coronavirus pandemic has restricted travel for foreign investors. This could have affected their decisions to make new investments and expand their existing projects.

Among the 18 sectors that attracted fresh foreign capital in the first quarter, electricity generation and distribution was ahead of the pack with more than US$4 billion, or 47.5% of the total.

The processing and manufacturing industries came second with over US$2.7 billion, or 31.9%, followed by wholesale and retail sales with US$682 million and real estate with US$264 million.

The period saw 87 countries and territories set up shop in the Southeast Asian nation. The largest investors were Singapore (US$4.54 billion), Japan (US$846.7 million) and China (US$815.6 million).

The southern province of Bac Lieu attracted the largest portion of capital commitments, at US$4 billion. HCMC ranked second with over US$1 billion, followed by the neighboring province of Tay Ninh with US$506.8 million.

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