Business

US invests in 17 industries in Vietnam

US enterprises have invested in 17 out of 21 industries in Vietnam with the majority in the accommodation and food service industry, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
US enterprises have invested in 17 out of 21 industries in Vietnamwith the majority in the accommodation and food service industry,according to the Foreign Investment Agency under the Ministry ofPlanning and Investment.

American investors have poured 4.68billion USD into 17 accommodation and food service projects, accountingfor 42.3 percent of the total US investment in Vietnam, Nhan Dannewspaper quoted the source as saying.

The manufacturing andprocessing industry was their second choice with an investment of 2.24billion USD in 323 projects, accounting for 20.3 percent of the total USinvestment in Vietnam. By March 20, the US had 735 validprojects in Vietnam with a total registered capital of over 11 billionUSD, ranking seventh among 101 countries and territories investing inthe Southeast Asian country. The average capital per project is 15million USD, which is higher than the average capital of a foreigndirect investment (FDI) project in Vietnam at 14.3 million USD.

Inthe first quarter of 2015, eight new US projects were licensed and twoexisting projects were approved to expand capital with a total newlyregistered and supplemented capital of nearly 70 million USD, rankingseventh among 33 countries and territories investing in Vietnam in thefirst quarter of this year.

The statistics from the ForeignInvestment Agency showed that 74.8 percent of the US investment inVietnam was poured into wholly US-owned projects and 23.5 percent ofinvestment was in joint-venture projects, while a small percentage ofinvestment went to joint stock companies and business cooperationcontracts.

American investors are present in 42 of 63 provincesand cities nationwide with 18 projects worth 5.3 billion USD in BaRia-Vung Tau province, making up 50 percent of the total US investmentin Vietnam.

Hai Phong was the runner-up, attracting 13 projectsvalued 1.2 billion USD while Binh Duong province came in third with 970projects worth 780 million USD.

To date, Winvest InvestmentVietnam has been the largest US project in Vietnam, located in BaRia-Vung Tau with a total investment of 4.1 billion USD since 2007.-VNA
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