Covid hits Vietnam FDI
By Dat Nguyen December 28, 2020 | 10:27 am GMT+7
Workers assemble cars in a factory of Ford in the northern province of Hai Duong. Photo courtesy of Ford Vietnam.
Foreign direct investment pledges fell by 25 percent this year to $28.5 billion as the Covid-19 pandemic prevented air travel and dampened investor sentiment.
Some $14.6 billion went into new projects, $6.4 billion into existing ones and $7.5 billion into mergers and acquisitions, according to the General Statistics Office.
Of the new investment, over 49 percent went into manufacturing and nearly 35 percent into power generation and distribution.
Of the 79 countries and territories that invested in Vietnam this year, Singapore led with $6.2 billion followed by mainland China (10.8 percent), Taiwan (10.3 percent), Hong Kong (8.7 percent), and South Korea (8.2 percent).