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Vietnam foreign investment down 32 pct in Jan-Feb
Vietnam has attracted foreign investment worth US$1.56 billion in the first two months this year, including $86 million to expand existing projects, the Foreign Investment Agency has said.
The amount is 32 percent down year on year and investment in new projects is also down 74.3 percent, the agency, which is run by the Ministry of Planning and Investment, said.
Disbursed foreign capital reached $1.15 billion, up 4.5 percent over the same period last year.
Ho Chi Minh City continued leading the country in attraction of FDI with $1.1 billion poured into projects so far largely due to US solar power company First Solar Inc, which received an investment certificate earlier February to build a $1 billion factory near the city.
Another economic hubs central Danang city, Ba Ria-Vung Tau and Dong Nai in the south attracted FDI worth $180 million, $81.4 million and $47.2 million respectively.
The country targets to attract $20 billion in foreign direct investment pledges for the whole year, up 7.5 percent from 2010.
It will be more selective with new foreign-invested projects, focusing on attracting capital into infrastructure, high-tech and export.
Last year saw pledges of foreign direct investment down about 18 percent from 2009 to $18.6 billion lower than the expected $22-25 billion. Disbursed capital, however, was up 10 percent to about $11 billion.
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