Binh Dinh province attracts most Russian investment at US$1 billion

Russia has directly invested about US$1.95 billion in 104 projects in Vietnam, and ranks 17th among 101 nations and territories that are investing in the country.

The Planning and Investment Ministry's Foreign Investment Agency (FIA) announced this in a report late last week, adding that Russian capital investment averages US$18.82 million per project, higher than the general average of US$14.3 million for all foreign direct investments in Vietnam.

In the first 11 months of this year alone, Russia had seven new projects and three projects with supplemented capital, registering a combined investment value of US$11.17 million.

Russian investors have invested in 13 out of 18 economic sectors of Vietnam. They have invested US$1.12 billion in 32 projects in the manufacturing and processing sector, US$581 million in seven projects in the mining industry, and US$72.7 million in three projects in the real estate sector.

The oil and gas sector attracted six projects worth US$531 million, or 27% of all investments, noted the FIA.

There are 63 wholly Russian projects worth US$1.26 billion, 33 projects worth US$256 million that are joint ventures and four projects valued at US$381 million that are business co-operation contracts, while two projects are being implemented as joint stock companies.

The investors are present in 24 out of 63 provinces and cities nationwide. The central Binh Dinh Province attracts the largest amount of Russian capital of $1 billion, followed by Hanoi with US$129.5 million, and the southern Ba Ria-Vung Tau Province with US$52 million.

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