February 26, 2014 / 5:31 AM / 4 years ago

Vietnam Jan-Feb FDI rises 6.7 pct on year -govt

HANOI, Feb 26 (Reuters) - Foreign investors have disbursed $1.12 billion in foreign direct investment (FDI) projects in Vietnam in the first two months of this year, up 6.7 percent from a year ago, a government agency said on Wednesday.

But new investment pledges dropped 19.3 percent to $831 million in the period, the government’s General Statistics Office said in its monthly report, without giving any reason for the decline.

South Korea has the largest investment in Vietnam in the January-February period, followed by Singapore and Japan, the report said. Most of the funds went to the manufacturing and processing sector, followed by real estate, it said.

FDI is an important source of foreign exchange for Vietnam to fund its trade deficit, which totalled an estimated $1.2 billion this month.

Vietnam has projected that it will attract between $11 billion and $12 billion in FDI disbursement this year, against an inflow of $11.5 billion in 2013. (Reporting by Ho Binh Minh; Editing by Clarence Fernandez)

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