Total foreign direct investment (FDI) in Vietnam reached US$11 billion from the outset of the year, a year-on-year surge of nearly 41%, said the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).

foreign direct investment picks up nearly 41

More than 39,580 enterprises were set up in the first five months of the year with total registered capital of nearly VND370 trillion (US$16.3 billion), up 14% in number of newly-established businesses and 48.9% in capital year-on-year.

The MPI said that the business climate and competitive and business development had improved.

Nearly US$5 billion in FDI capital was disbursed in the period, 3.2% higher than the same time last year. The Republic of Korea ranked first in capital disbursement, followed by Japan and Singapore.

The rapid increase of FDI in Vietnam was spurred by several large-scale projects approved in March. Notably, Samsung Display project got expansion approval in Bac Ninh province with additional investment of US$2.5 billion. This pushed FDI figures to US$7.71 billion in the first quarter, double that of the first two months.

Other big projects getting cash included Taiwan Polytex Far Eastern (Vietnam) Company in Binh Duong province (US$485.8 million), Coca-Cola Vietnam in Hanoi (US$319.8 million additional capital), Vietnam-Singapore Industrial Park III (US$284.75 million), Tole Panel plant in Binh Phuoc province (US$269.5 million) and Kolon Industries Inc (US$220 million) in Binh Duong province.

Source: VNA