Singapore leads in FDI inflows into Vietnam in 2020, with a total investment of nearly 9 billion USD,
A woman works at a foreign-invested company. Vietnam has attracted US$15.27 billion of FDI since the beginning of this year - PHOTO: TRONG NGHIA
HCMC - The processing and manufacturing industry took the lead in attracting foreign direct investment (FDI) in the first half of 2021, absorbing US$6.98 billion, or 45.7% of the country’s total.
Data of the Foreign Investment Agency under the Ministry of Planning and Investment showed that Vietnam has attracted US$15.27 billion of FDI since the beginning of this year, equivalent to 97.4% of the same period last year.
Power production and distribution attracted the second largest amount of FDI with US$5.34 billion, accounting for 35% of the country’s total. The real estate sector came third with US$1.15 billion.
Singapore and Japan are the biggest foreign investors of Vietnam. Singapore invested US$5.64 billion in Vietnam in the first half of 2021, increasing 3.6% year-on-year, while Japan invested US$2.44 billion, surging 66.8% year-on-year.
Since early this year, the country granted investment certificates to some high-value foreign-invested projects.
In March, the Mekong Delta province of Long An granted an investment certificate to Singapore’s Long An I and II liquefied natural gas-fired power project worth over US$3.1 billion.
Some other large foreign-invested projects include South Korea’s LG Display Haiphong project worth US$750 million and Singapore’s Fukang Technology project worth US$293 million.
Do Nhat Hoang, chairman of the Foreign Investment Agency said these foreign-invested projects use modern technologies and focus on key sectors such as the processing and manufacturing industry and power production, highlighting the stability and reputation of Vietnam in attracting FDI.
The Ministry of Planning and Investment has abolished 58 administrative procedures on investment. It has also announced 65 new administrative procedures, which aim to create favorable conditions to attract investment from individuals and businesses.