October 2, 2006

 

FDI in Vietnam's agriculture and aquaculture reaches US$1.36 billion

 

 

Vietnam's agricultural and aquaculture industry attracted US$1.36 billion in investments in the first nine months of the year, according to figures from the country's Foreign Investment Agency.

 

Total pledges in the country amounted to US$5.15 billion, a 26-percent increase over the record levels reached last year, the agency said.

 

Among the newly licensed projects, US$2.98 billion were in the industrial and construction sectors, US$808 million were in the services sector, while the rest were in agriculture and aquaculture, amounting to US$1.36 billion. 

 

Vietnam was able to break records thanks to streamlining of investment regulations, said a statement from the agency. So far, the country has attained 80 percent of the total target of attracting US$6.5 billion in new investment for this year. 

 

Between January and September, Vietnam projects worth US$3.85 billion were approved, up 47.7 percent in value terms, according to ministry figures.

 

Ho Chi Minh City, the country's southern commercial hub, attracted 166 new projects totaling US$1.07 billion. Hanoi, the capital, attracted 84 new projects worth US$514 million.

 

Hong Kong is the largest investor in value terms, with 14 newly approved projects worth US$636 million, followed by South Korea with 144 projects worth US$599 million.

 

Cayman Islands companies have registered two projects worth US$576 million.

 

The other major investing countries were Japan, Virgin Islands and Taiwan.

 

Meanwhile, US investments increased nearly five-fold, from US$95.7 million the first nine months last year to US$467 million this year.