Vietnam 2010 FDI inflows up at $11 bln
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Disbursement of foreign direct investment in Vietnam increased 10 percent to match this year target’s US$11 billion thanks to the global economic recovery, according to the Foreign Investment Agency.
The agency reported disbursed capital this year was higher than in 2009 as the flows of pledges in previous years were high and the world's economy tended to recover.
FDI pledges in 2010 were also reported to lower by around 10 percent to $18.6 billion.
The agency released FDI estimates for the full year showing pledges slumping to $20 billion from $66.5 billion the previous year and disbursements reaching to $11 billion.
The Netherlands has overtaken the US as Vietnam’s top source of foreign direct investment this year.
Investors from that country have received licenses to invest in projects worth US$2.15 billion, including one involving an investment of $2.14 billion, while US commitments are worth $1.02 billion.
The $2.14 billion will be invested in a thermal power plant in the northern Quang Ninh Province by American firm AES Corp, which will however, route it through the Netherlands.
Foreign direct investment, along with remittances from Vietnamese working overseas, has been an important source of foreign exchange, helping finance Vietnam's growing trade deficit, which rose to an estimated $12.37 this year.
Imports this year would rise 20.1 percent to $80 billion, according to the Industry and Trade Ministry.
It revised up the trade deficit last year to $12.87 billion, from $12.3 billion earlier estimated by the government's statistics office.
