Vietnam Jan-May FDI inflows rise

Vietnam Jan-May FDI inflows rise

Labourers work at export garment Maxport factory in Hanoi on March 20, 2019. (Reuters photo)
Labourers work at export garment Maxport factory in Hanoi on March 20, 2019. (Reuters photo)

HANOI: Vietnam received US$7.3 billion in foreign direct investments (FDI) in the first five months of this year, up 7.8% from a year earlier, the Ministry of Planning and Investment said on Friday.

FDI has been a key driver of Vietnam's economic growth. Companies with FDI account for more than 70% of the Southeast Asian country's exports.

FDI pledges — indicating the size of future FDI disbursements — rose 69.1% in January-May from a year earlier to $16.74 billion, the ministry said.

Of the pledges, 71.8% would be invested in manufacturing and processing, and 8.2% for real estate, the ministry said.

Hong Kong was the top source of FDI pledges in the period, followed by South Korea and Singapore, it added.

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