Vietnam has attracted foreign direct investment worth US$14 billion this year, down 9 percent from the same period in 2021.
The Ministry of Investment and Planning, announcing this, said nearly $5 billion went into 752 new projects, 48 percent less than in the same period last year, and the rest into existing ones.
Over $8.84 billion went into manufacturing, and $3.15 billion into real estate.
Singapore was the leading source of investment with $4.1 billion, though it represented a decline of 27 percent, followed by South Korea and Denmark.
Lack of intellectual property protections and cumbersome procedures were hurdles to investment from some western countries like Germany, France, the UK, and the U.S.
FDI did not meet expectations last year due to the Covid-19 pandemic and global economic disruption, EuroCham said recently.
Investments from European countries was down 13 percent in the first 12 months since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020.
The pandemic and Russia-Ukraine conflict have greatly affected EVFTA’s effectiveness, EuroCham said.
Oil refining and petrochemicals and electricity generation and distribution are two leading sectors for EU investment in Vietnam.
European enterprises are leaders in clean energy and hi-tech farming, and they share interests with Vietnam in developing these fields, EuroCham said.
EVFTA has yet to be fully effective due to the lack of an EU-Vietnam Investment Protection Agreement (EVIPA), it pointed out.
“By committing to equal treatments, investment protection and legal transparency, the EVIPA could promote bilateral trade and FDI.”
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