Singapore becomes largest investor in Vietnam

(VOV) -Singapore has poured nearly US$2.5 billion into Vietnam in the past seven months, ranking it the largest foreign investor in the country.

Its investment accounted for 35.9 percent of the total capital of newly invested projects in Vietnam, according to the General Statistics Office (GSO) under the Ministry of Planning and Investment (MPI).

At the Vietnam-Singapore Business Forum 2013

Other major foreign investors in the reviewed period included Russia (US$1 billion), Japan (US$1 billion), the Republic of Korea (US$667.3 million), Hong Kong (US$575.7 million), and Thailand (US$309.3 million).

The GSO reported that as of July 20 Vietnam had attracted US$11.9 billion in foreign direct investment (FDI), representing a year-on-year increase of 119.6%. Of the total value, US$6.92 billion came from 677 newly licensed projects, up 110% from a year earlier.

A large amount of FDI was injected into key areas such as manufacturing (US$10.44 billion) and real estate (US$580.8 million).

Thai Nguyen province led the nation in FDI attraction, with total registered investment in the past seven months reaching US$2.141 billion, followed by Binh Dinh (US$1 billion), Hai Duong (US$611.6 million), Binh Duong (US$460.7 million), Dong Nai (US$338.8 million), Haiphong (US$335.4 million), and HCM City (US$333.5 million).

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