An assemly line of Samsung Electronics Vietnam in northern Bac Ninh Province (Photo:VNA)

Hanoi (VNA) – Total foreign direct investment (FDI) in Vietnam reached 11 billion USD from the outset of the year, a year-on-year surge of nearly 41 percent, said the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).

More than 39,580 enterprises were set up in the first five months of the year with total registered capital of nearly 370 trillion VND (16.3 billion USD), up 14 percent in number of newly-established businesses and 48.9 percent in capital year-on-year.

The MPI said that the business climate and competitive and business development had improved.

Nearly 5 billion USD in FDI capital was disbursed in the period, 3.2 percent higher than the same time last year. The Republic of Korea ranked first in capital disbursement, followed by Japan and Singapore.

The rapid increase of FDI in Vietnam was spurred by several large-scale projects approved in March. Notably, Samsung Display project got expansion approval in Bac Ninh province with additional investment of 2.5 billion USD. This pushed FDI figures to 7.71 billion USD in the first quarter, double that of the first two months.

Other big projects getting cash included Taiwan Polytex Far Eastern (Vietnam) Company in Binh Duong province (485.8 million USD), Coca-Cola Vietnam in Hanoi (319.8 million additional capital), Vietnam-Singapore Industrial Park III (284.75 million USD), Tole Panel plant in Binh Phuoc province (269.5 million USD) and Kolon Industries Inc (220 million USD) in Binh Duong province.-VNA