Vietnam Jan-Oct FDI inflow up 1 pct y/y: Ministry

The inflow of foreign direct investment (FDI) into Vietnam in the first 10 months of the year inched up 1 percent from the same period last year to $9.1 billion, a government agency said.

Meanwhile, foreign businesses' investment pledges in the January-October period fell 22 percent from the same period last year to $11.3 billion, the Planning and Investment Ministry's foreign investment agency said in a report seen by Reuters on Tuesday.

The government has said that it expects FDI inflows to reach $11 billion to $11.5 billion this year, about the same as in 2010 or slightly higher, while pledges were expected to rise 16 percent to $20 billion. Hong Kong leads the investors in pledged capital so far this year, with roughly $3 billion, the report said. FDI, overseas remittances and aid money are key sources of foreign exchange for Vietnam, helping to offset its trade deficit, which is estimated to reach $10 billion this year.

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