Foreign direct investments (FDIs) in Vietnam in the first half of the year leaped more than 80% from the same period last year, according to a report released by the government’s news portal.
Total newly registered capital and additional capital reached US$1.19 billion in June, bringing the aggregate figure for the first half of the year to $5.49 billion, up 80.2% year-over-year.
The FDIs went mostly to the manufacturing, processing, real estate, and retail sales sectors.
Of the figure, newly registered FDIs totaled $3.83 billion in the first half, while the additional FDIs achieved $1.65 billion, an increase of 79% and 83%, respectively, from the same period last year.
Total FDI disbursement was estimated at $6.3 billion, a year-on-year increase of 9.6%.
According to statistics from the Foreign Investment Agency, which is under the Ministry of Planning and Investment, the processing and manufacturing industry attracted 338 newly registered FDI projects and had 190 FDI projects that added capital, bringing the combined amount to $4.18 billion and making the sector the biggest recipient with a 76.2% share.
The real estate sector ranked second with 18 FDI projects, valued at $465.5 million, making up 8.5%.
Retail sales occupied third place with total newly registered and additional capital of $276.5 million in 145 projects, accounting for 5%.
Vietnam eyes early conclusion of TPP talks with US
Meanwhile, Vietnam’s trade minister said the country has reached agreements with the United States that can pave the way for the faster conclusion of the Trans-Pacific Partnership (TPP) negotiations, according to a recent government report.
Minister of Industry and Trade Vu Huy Hoang said that issues related to the TPP negotiations were discussed in recent talks between Party General Secretary Nguyen Phu Trong and U.S. President Barack Obama as well as leaders of some U.S. agencies, organizations, and the business community.
The two sides agreed to initiate reforms that will see compliance with the requirements of the TPP, including implementing commitments to the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work 1998.
“Expressing his belief in further bilateral cooperation in economics and trade in the future, the Minister asserted that after General Secretary Trong’s visit to the U.S., the two countries’ relations will be upgraded to a higher level,” said the report.
The newly inked agreements between the two sides are seen to facilitate cooperation in trade and investment more effectively. The U.S. side said it expects Vietnam to take measures to encourage bilateral cooperation, while the Southeast Asian nation proposed initiatives to tackle U.S. trade barriers to Vietnam’s exports.
In 2014, two-way trade turnover reached more than $36 billion, with the U.S. ranked seventh among nations and territories investing in Vietnam.
Photo: Milei.vencel
