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Five-month FDI drops by 76.3 percent due to recession
Vietnam attracted just 6.68 billion USD in foreign direct investment (FDI) in the first five months of 2009, a year-on-year drop of 76.3 percent, due to the impacts of the global financial crisis.
More than a half of the sum, 3.96 billion USD, was added to 40 existing projects, up 27.8 percent over the same period last year, reported the Foreign Investment Department.
The department said that an increase in the amount of added investment capital shows that overseas investors are still optimistic about the country’s prospects.
The remaining capital, 2.72 billion USD, is aimed at 256 newly-licensed projects, compared to 14.7 billion USD for the same period a year ago.
Only 2.8 billion USD was disbursed from January-May, representing 70.9 percent of last year’s corresponding period.
The world economic slowdown has also had an effect on FDI enterprises’ operations, which recorded only 8.28 billion USD from exports, excluding crude oil, down 10.2 percent year on year.
During the reviewed period, FDI enterprises spent a total of 8.47 billion USD on imports, equivalent to 73.1 percent of last year’s value.
To attract more FDI, the government has adopted a number of solutions, including developing policy, planning, infrastructure and human resources.
In another move, the country will open up several service industries to attract more foreign investors in 2009 and 2010, said the Ministry of Planning and Investment.
vietnamplus
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