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South Korea biggest investor in Vietnam

Publishdate: 2016-10-09   Views:1341

South Korea biggest investor in Vietnam

Update: September, 27/2016 - 10:10

HÀ NỘI – South Korea retained its position as Việt Nam’s leading source of foreign direct investment (FDI) in the first nine months of this year, the latest report from the Foreign Investment Agency has revealed.

During the reviewed period, South Korean investors pumped US$5.58 billion into Việt Nam, accounting for 34 per cent of total FDI registered in the country.

The two largest South Korea-invested projects were a $1.5 billion screen plant, being developed by LG Display Co and a $550 million camera modules plant, being financed by LG Innotek Co, both in the northern city of Hải Phòng.

Meanwhile, investors from Singapore and Japan invested $1.84 billion and $1.7 billion, making up 11.2 per cent and 10.3 per cent of the nation’s total FDI, respectively.

According to data, new FDI pledged in the country saw a modest yearly increase of 1.1 per cent to $11.17 billion in nine months while additional investment for existing projects plunged 14 per cent year-on-year to $5.27 billion.

In a brighter spot, FDI disbursement topped $11.02 billion, surging 12.4 per cent against the same period last year.

The processing and manufacturing sector continued to lure the lion’s share of FDI with $12.15 billion, accounting for 74 per cent of the total registered funding. Real estate came next with $1 billion or 6.1 per cent while science and technology ranked third with $649 million or 4 per cent.

Top localities recording significant amount of FDI during the period included Hải Phòng city with $2.74 billion; the capital city ($1.97 billion); southern provinces of Đồng Nai and Bình Dương ($1.89 billion and $1.49 billion, respectively).

From January to September, foreign-invested enterprises posted an export turnover of $91.17 billion, up 7.4 per cent year-on-year and totaling 71.1 per cent of the country’s export value while their imports witnessed a slight rise of 1 per cent to more than $74 billion. 

being financed by LG Innotek Co, both in the northern city of Hải Phòng.