Workers handle equipment at a Samsung display plant. (Photo: tuoitrenews.vn)
South Korean investors kicked off 583 projects worth $2.28 billion and raised capital by a combined $3.94 billion in 257 projects as of October 20, said the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Investors from the Northern Asian country registered to pour $5.63 billion into the manufacturing and processing sector, accounting for 90.5% of the total. The electricity generation and distribution sector followed with $200 million.
Among the 41 Vietnamese localities Southern Korean firms have invested in, the northern province of Bac Ninh took the lead with $3.33 billion. The runners up were the southern province of Dong Nai with $401.9 million and Hai Phong city with $305.7 million.
The rise in South Korean investment in Vietnam has been attributable to a $3-billion hike by the Samsung
Display Vietnam project, the licensing of the $154-million Heesung Electronics project and the Tra Vinh 1 wind-to-power project.
According to the FIA, Vietnam’s foreign direct investment attraction jumped 40.8% year-on-year to $19.29 billion in the first ten months of this year.