Sunday,  Sep 20, 2020,18:51 (GMT+7) 0 0
Many localities attract no foreign investments in Jan-Jul
By Hung Le
Saturday,  Aug 8, 2020,06:57 (GMT+7)

Many localities attract no foreign investments in Jan-Jul

By Hung Le

Employees of an FDI firm are seen at work. Up to 12 provinces in Vietnam did not attract any new valid FDI projects from January to July – PHOTO: LE HOANG

HCMC – Up to 12 provinces in Vietnam— Ninh Thuan, Cao Bang, Quang Tri, Quang Binh, Ca Mau, Dien Bien, Kon Tum, Gia Lai, Son La, Soc Trang, Khanh Hoa and Dong Thap—did not record any new foreign direct investment (FDI) projects during the first seven months of this year, according to a report of the Foreign Investment Agency under the Ministry of Planning and Investment.

The shrinking FDI inflow in these provinces was attributed to the global economic uncertainties. As many countries and regions have taken a hit from the Covid-19 pandemic, foreign investors and enterprises are mainly focusing on maintaining their business operations rather than expanding their businesses abroad.

Further, the 12 provinces have long been less attractive to foreign investors and the border closures or travel restrictions among countries due to the public health crisis have only left these localities struggling further to attract FDI investors.

However, the south-central province of Khanh Hoa, which boasts advantages in terms of tourism and heavy industries appealing to investors, still saw no new FDI projects being issued investment certificates in the seven-month period.

Moreover, the report revealed that as many as 16 localities nationwide recorded only one to two valid FDI projects each from January to July. Of them, 13 localities welcomed only one new FDI project each such as the provinces of Phu Yen and Tra Vinh.

The Foreign Investment Agency noted that the pandemic has left negative impacts on the global economy, including bringing business and production activities to a halt and leaving numerous companies in a period of adversity.

Overall, during the January-July period, the country issued investment certificates for 1,620 new FDI projects with a total registered capital of US$9.46 billion, down 21.5% and up 14.4% against the figures a year ago, respectively.

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