Thursday, September 25, 2008

$57 Billion USD in Vietnam FDI: Show me the money!

SEP 25, 2008
Vietnam Business News

Vietnam attracts over 57 billion USD in nine months Viet Nam attracted 57.12 billion USD in FDI over the past nine months, a five-fold increase on the same period last year, the Foreign Investment Agency (FIA) has said.

According to the foreign investment watchdog, foreign investors were very keen on investing in industry and construction as they poured a staggering 32.3 billion USD into 484 projects in those fields during the first nine months of 2008. The FIA estimated that investment in projects in News,  Sara Palin, FDI Vietnam,  Foreign Direct Investment, Vietnam, Dan Quayle, business, Dumn-and-dumber, Fish,  Malysia, Money,  distgustingly rich,  developing-economy, show-me-the-moneythe fields of industry and construction accounted for 57.48% and 54.68% of the total FDI and the overall number of projects, respectively. The service sector attracted overseas investment of 23.7 billion USD for 361 projects while the agriculture, forestry and fisheries sectors drew in just 1.12 billion USD.

The FIA reported that Malaysia has climbed into first place on the list of 40 countries and territories who have invested in Vietnam in the past nine months. The Southeast Asian country has registered 14.8 billion USD for 37 projects, accounting for 26.45 percent and 4.1%, respectively, of the registered FDI and the number of investment projects.

The second-largest foreign investor was Taiwan, with 8.6 billion USD and 116 projects, followed by Japan, Brunei and Canada. In the past nine months, 8.1 billion USD in FDI was disbursed, an increase of 37.3% over the same period last year, according to the FIA.

Notes: Stay out of the fish business. And who's to know if these numbers are even close to real. The government here is well known for just manufacturing numbers when it's convenient and sells well. But then again, it beats the US where the numbers are real and in the negative billions. In the US you can't blink an eye without another bank going bust or Sarah Palin saying something dumber than Dan Quayle, while in Vietnam a new bank pops up every day looking to get a start in a market where only 10% of the population currently participates in the banking system.
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