LG is the largest single foreign investor in Vietnam this year. Photo: Getty Images
Actual foreign direct investment (FDI
) in Vietnam grew 8.3% to $14.3 billion in the year to November 20, statistics of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment showed.
Between January and November, overseas investors won approval for 2,240 fresh projects totaling $13.03 billion, down 3.9% from a year earlier. They also added $5.08 billion to operational projects, falling 23.9% against the same period last year.
In total, capital approvals dropped 10.5% year-on-year to $18.1 billion, according to the agency.
Manufacturing and processing remained the most appealing sector for foreign investment when attracting $13.41 billion in the 11-month period.
South Korea stayed firm at the top among the major investors in the Southeast Asian country, pledging to invest $5.29 billion in both newly-licensed and operational projects.
Two projects worth a combined $2.05 billion of LG
Group kept Hai Phong
city at the lead of the most heavily invested locality.
The overseas companies pocketed $114.07 billion from exports between January and November, accounting for 71.5% of the country’s export turnover. They spent $92.83 billion on imports in the period, accounting for 59.2% of total import value.
As a result, foreign firms posted a trade surplus of $21.24 billion in the 11-month period, including revenue from crude oil.