Vietnam granted investment licenses to 758 new projects worth US$5.5 billion in the first quarter of 2020, up nearly 45% from the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Illustrative image (Source: VNA)

The increase was attributed to the attraction of the US$4 billion liquefied natural gas project in the Mekong Delta province of Bac Lieu.

More than 230 existing projects registered to adjust their capital with an additional US$1.07 billion in the January-March period, equivalent to 82% of the same period last year.

Meanwhile, the value of capital contributions and shares purchases by foreign investors reached almost US$2 billion, equivalent to 34.4% of the same time in 2019.

Meanwhile, FDI disbursement was estimated at US$3.85 billion, a year-on-year decline of 6.6%.

Foreign investors pumped capital into 18 sectors, of which the electricity generation and distribution took the lead with total pledged capital of over US$4 billion, making up 47.5% of the total registered investment.

The processing and manufacturing sector ranked second with total investment of US$2.72 billion, followed by the retail and real estate with respective sums of US$682 million and US$264 million.

Singapore topped the list of 87 countries and territories investing in Vietnam with US$4.54 billion, accounting for 53.1% of the country’s FDI.

Japan came second with US$846.7 million, followed by China with US$815.6 million.

The Mekong Delta province of Bac Lieu was the most attractive among the 55 cities and provinces receiving FDI with US$4 billion, or 46.8% of the total.

The southern economic hub of Ho Chi Minh City ranked second with total registered capital of US$506.8 million, followed by the capital city of Hanoi, southern Binh Duong and Ba Ria-Vung Tau provinces.