FDI in Vietnam down 26%

FDI in Vietnam down 26%

HANOI: Vietnam attracted just US$394 million' of foreign investment in the first five months of 2002, marking a year-on- year decline of 26 percent, the General Office of Statistic (GOS) said Wednesday.

"With 209 projects licensed, the number of projects was up but the capital inflow fell down," a GOS official said.

Eighty-two percent or about $322 million the total flowed into the industrial and construction sectors and nearly 80 percent of the projects located in the commercial hub of Ho Chi Minh city and southern satellite provinces of Binh Duong and Dong Nai, the official said.

South Korea was ranked first among the investors with 52 projects capitalized at $108 million, and Taiwan was the second with $80 million, followed by Japan and Malaysia.

"It shows that Vietnam is still only attractive to Asian investors while the United States, ranked 10 in the list and European investors are still onlookers," he added. -- AFP