Foreign direct investment (FDI) pledges to Vietnam in the first three months of 2020 fell by a sharp 20.9% over the same period of 2019 to US$8.55 billion, according to the Foreign Investment Agency.
Bac Lieu province grants a permit for a foreign-invested LNG power station project. (Photo: VNA)
Disbursement also dropped by 6.6% year-on-year to US$3.85
billion, data as of March 20 has shown.
In the first quarter, Vietnam
licensed 758 foreign-invested projects worth a total of US$5.5 billion, mainly
thanks to a US$4 billion liquefied natural gas (LNG) power plant in the
southern province of Bac Lieu.
Such an investment made Bac
Lieu the largest recipient of foreign investment and power generation the most
attractive industry during the period.
Additional pledges to
existing projects and capital contributions and share purchases saw steep
declines to US$1.07 billion and US$2 billion, respectively.
With power generation
occupying the top place, manufacturing was the second most attractive sector
with US$2.72 billion, followed by wholesale and retail with US$682 million.
Ho Chi Minh City was the
second largest recipient of foreign investment with over US$1 billion while the
southern province of Tay Ninh came third with US$506.8 million.
A breakdown of investors
shows that Singapore made the largest investment in Vietnam in the
January-March period with US$4.54 billion, followed by Japan and China with
US$846.7 million and US$815.6 million, respectively.
As of March 20, there were
over 31,600 active foreign-invested projects in the country with total pledges
of US$370 billion, of which 58.3% had been disbursed.
HCM City steps up rooftop solar power development
Despite FDI shown signs of a slowdown as a result of the negative impact of COVID-19, experts believe that the nation will be able to welcome an array of fresh dual investment after the pandemic.
(HBO) – The complicated developments of COVID-19 have seriously affected all social aspects, especially economic development. Growth decline was recorded in many fields. In the first quarter of 2020, the gross regional domestic product (GRDP) was estimated at 6.62 percent. The figure is projected at 4.57-5.86 percent in the second quarter due to the impact of the pandemic on business and production activities.
(HBO) – Numerous efforts made in the first months of the year have contributed to the 6.6 percent increase in the aquatic product output of Hoa Binh province. The province is home to 43 aquaculture farms and cooperatives, of which 13 are specialised in farming. The aquaculture farming areas in the province span 2,686ha, with 4,630 fishing cages.
(HBO) – Hoa Binh farm produce trademark has become popular in recent years. It is the result of concerted efforts, including biotechnological application in agriculture.
(HBO) – The Bank for Agriculture and Rural Development in Yen Thuy district, Hoa Binh province, simplified lending procedures, reformed lending model and methods and coordinated with communes, towns, associations of farmers and women, and other socio-political organisations to roll out favourable lending methods during the first quarter of this year.