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.
Source: NDO
Prime Minister Pham Minh Chinh attended a groundbreaking ceremony for an electronic printed circuit board (PCB) factory at Da River Left Bank Industrial Park in Hoa Binh province on April 13. The electronic PCB factory is invested by Japan's Meiko Group at a total cost of 200 million USD.
In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.
Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.
In a move to expedite the execution and disbursement of the 2024 capital plan for ODA projects, aiming for a disbursement rate of over 90% of the allocated funding, the Hoa Binh People's Committee issued Document No. 483/UBND-KTN on April 3, 2024, regarding such efforts.
Nguyen Van Thap from Kim Duc hamlet, Vinh Tien commune, Kim Boi district, has built the brand of Hoa Qua Son for local fruits. His efforts have brought about income for his family and generated job opportunities for locals, helping hundreds of households escape from poverty.
The Hoa Binh administration was entrusted by the Prime Minister with a budget of 3.43 trillion VND (142.91 million USD) for investment in 2024. The provincial People's Council approved nearly 3.76 trillion VND, which has been meticulously allocated to projects, achieving 100% of the assigned capital plan.