As of September 22, some 885 new projects have been licensed with a total investment of $57.12 billion up more than 450 percent from the same period last year, said Nguyen Viet Cuong, an official with Vietnam Ministry of Planning and Investment.

Investment in 225 existing project has been increased by $885.7 million, Cuong said.

In September alone, Vietnam attracted $9.9 billion in foreign investment, the Vietnam Economic Times reported.

Malaysia has topped the list of investment by country origin, with $14.8 billion being invested in Vietnam so far this year. The figure was largely contributed by the $9.79-billion project being licensed in September.

Taiwan came second in the list of investors $8.6 billion, followed by Japan with $7.2 billion.

Vietnam has experienced significant foreign direct investment surge since the country joined the World Trade Organization last year.

In 2007, Vietnam attracted $20.25 billion of foreign direct investment, a record since the country began accepting foreign investment in 1998.

The Associated Press - September 26, 2008