The Vietnam government has recorded just over $10 billion in foreign direct investment (FDI) so far in 2009, less than 20% of FDI for the same period last year. About half of the amount is for 385 new projects as opposed to existing projects such as the US Winvest Investment Group’s $4 billion Atlantis Hotel Project in Vung Tau.
Even so, Vietnam was reported to compare favourably with other countries in the region. One recent survey showed Viet Nam was among the top 10 of 50 countries most attractive to foreign investors, the Vietnam government says.
The latest report is no surprise. The government’s Foreign Investment Department had anticipated early this year that the global economic recession would cause FDI pledges to drop to $20 billion compared to $64 billion recorded last year.