South Korea became the largest investor in Vietnam in Q1/2016. (Photo: www.cnbc.com)
South Korea-based companies put $888.6 million in fresh and existing investment projects in Vietnam in the year to March 20, enable the Northeast Asian country to top other investors here.
Singapore slid to the second position with $554 million, followed by Taiwan with $371 million, according to data of the Foreign Investment Agency (FIA
) under the Ministry of Planning and Investment.
The agency added that the country approved $4.03 billion worth of foreign direct investment (FDI
) in the first three months of this year, soaring 119.1% year-on-year.
The amount comprises $2.74 billion of 473 fresh projects and $1.29 billion of operational projects. The values increased 125.3% and 107% year-on-year, respectively.
The boom in foreign investments is attributable to sizable projects, which include Taiwan’s $220-million paper manufacturing factory in the southern province of Tien Giang, and the $210.58-million computerized lottery project carried out by Malaysia’s Berjaya Corporation Berhad in Hanoi.
Samsung SDI Vietnam Co. in the northern province of Bac Ninh raised its investment by $117.6-million. South Korea’s Taekwang Industrial invested $171.4- million in a shoe-manufacturing factory in the southern city of Can Tho.