Vietnam foreign investment down 32 pct in Jan-Feb 04-MAR-2011 Intellasia | Tuoi Tre 4 Mar, 2011 - 7:00:00 AM Free newsletter - click here Vietnam has attracted foreign investment worth $1.56 billion in the first two months this year, including $86 million to expand existing projects, the Foreign Investment Agency has said.

The amount is 32 percent down year-on-year and investment in new projects is also down 74.3 percent, the agency, which is run by the Ministry of Planning and Investment, said.

Disbursed foreign capital reached $1.15 billion, up 4.5 percent over the same period last year.

HCM City continued leading the country in attraction of FDI with $1.1 billion poured into projects so far largely due to US solar power company First Solar Inc, which received an investment certificate earlier February to build a $1 billion factory near the city.

Another economic hubs central Danang city, Ba Ria-Vung Tau and Dong Nai in the south attracted FDI worth $180 million, $81.4 million and $47.2 million respectively.

The country targets to attract $20 billion in foreign direct investment pledges for the whole year, up 7.5 percent from 2010.

It will be more selective with new foreign-invested projects, focusing on attracting capital into infrastructure, high-tech and export.

Last year saw pledges of foreign direct investment down about 18 percent from 2009 to $18.6 billion lower than the expected $22-25 billion. Disbursed capital, however, was up 10 percent to about $11 billion.

Tuoi Tre - March 4, 2011