World Economy

ASEAN Funds Flood Vietnam

ASEAN Funds Flood VietnamASEAN Funds Flood Vietnam

 As of June 20, investors in the ASEAN region poured $54.6 billion into 2,632 projects in Vietnam, according to the Ministry of Planning and Investment’s Foreign Investment Agency.

The agency said the average capital for a project invested by ASEAN investors in Vietnam was $20.7 million, higher than the average level of $13.9 million from other investors, VNS reported.

Singapore took the lead with 1,428 projects and a total investment of $32.2 billion, accounting for 60% of the total. Malaysia ranked second with 499 projects and $12.06 billion total capital. Thailand came third with 392 projects and $6.8 billion investment.

Foreign direct investment from the ASEAN region was mostly focused on the manufacturing and processing industries with 1,009 projects and $22.2 billion registered capital, accounting for 40% of the total.

The property sector came second with 97 projects with $16.6 billion. It was followed by the construction sector, with 175 projects amounting to $3.24 billion.

ASEAN players have invested in 55 provinces and cities across the nation. HCM City has attracted the maximum number of investors, with projects worth $15.07 billion.

Ha Noi followed with 417 projects worth $8.58 billion. Ba Ria-Vung Tau ranked third with 67 projects worth $6.19 billion.

Some of the major projects by ASEAN investors include South Hoi An resort, with a total investment of $4 billion from Singapore Genting VinaCapital Investment Pte Ltd; Samsung Thai Nguyen complex’s phase 2 by Samsung Electronics Vietnam-South Korea; a university urban area in HCM City by Malaysia’s Berjaya Leisure Corporation; and Long Son oil refinery plant in Ba Ria-Vung Tau by a Thai investor.