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FDI jumps by half despite economic gloom

Sunday, December 29, 2013, 12:30 GMT+7

Despite economic challenges, Vietnam’s FDI in 2013 reached US$21.6 billion, up 54.5 percent year-on-year. 1,275 new projects were licensed with a total registered capital of $14.3 billion, while 472 projects added $7.3 billion to their existing capital, increasing 70.5 percent and 30.8 percent year-on-year, respectively.

Some US$11.5 billion worth of foreign direct investment (FDI) was disbursed in December of this year, an increase of 9.9 percent in comparison with the same period of 2012, according to a report issued by the Foreign Investment Agency.

The manufacturing sector attracted 605 new projects from foreign investors. Newly-registered and additional capital to the sector is some US$16.636 billion, or 76.9 percent of the total capital registered.

The sector of electricity, gas, water and air conditioners ranks second as the newly-registered and additional capital is some US$2.031 billion, or 9.4 percent of the capital registered.

The real estate sector ranks third with 20 newly-licensed FDI projects. Newly-registered and additional capital to this sector is some US$951 million.

Big projects including Vietnam's second oil refinery Nghi Son, which recently added US$2 billion into its capital, EVN’s Vinh Tan 1 power plant with the total capital of US$2 billion and Samsung’s electronic component manufacturing plant in Thai Nguyen with a capital of US$2 billion are said to be behind this year’s FDI success.

The northern Thai Nguyen province has the highest FDI attraction this year with $3.3 billion. Central Thanh Hoa province ranks second with $2.9 billion, accounting for roughly 14 percent of the nation’s total. Northern Hai Phong ranks third with $2.6 billion.

This is a sign showing Vietnam is a choice for foreign investors despite the current economic challenges. The FDI inflows contribute significantly to promoting the economy, especially in the context of a difficult budget year.

Export turnover from FDI enterprises contributes to the country’s trade surplus in 2013. In the foreign-invested sector, a trade surplus is recorded at $13.954 billion while the country as a whole posts an $863 million trade surplus.

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