Thursday, 24 October 2013 11:35
HANOI: Foreign investment inflows into Vietnam are estimated to reach $9.6 billion in the first 10 months of this year, a rise of 6.4 percent from a year ago, beating expectations, a state-run newspaper said on Thursday.
New investment pledges between January and October would soar 79 percent from a year ago to $13.1 billion, while another $6.1 billion would be injected in existing projects in the period, the Vietnam Economic Times newspaper cited government data as saying.
The government has projected to attract foreign investment pledges worth between $13 billion and $14 billion this year. The World Bank has forecast disbursement in 2013 would edge up 1.4 percent from last year to $7.3 billion.
Most of the fresh funds went to the processing and manufacturing industries, with a combined value at $14.9 billion, or 77.6 percent of the total pledges and increased funds, the report said.
Foreign investment inflow is a major source of foreign exchange, along with overseas remittances, to help Vietnam reduce a trade deficit faced almost every month in the first half of 2013 as well as in the September-October period.
Vietnam would have foreign exchange reserves sufficient to cover 12 weeks of imports by the end of this year, similar to 2012 and which is an improvement from 6.5 weeks in 2011, the government said in a report to the parliament on Monday.Copyright Reuters, 2013