Vietnam sees 40-per-cent surge in foreign investment

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Hanoi (dpa) — Foreign investors have funnelled 19.2 billion US dollars into Vietnam so far this year, a 40-per-cent increase over the same period last year, authorities said Wednesday.

Nearly two-thirds of the investments, totalling 12.4 billion dollars as of October 20, have gone into the processing and manufacturing sector, according to the Foreign Investment Agency.

With its relatively low wages, Vietnam is trying to position itself as a preferred manufacturing hub compared to rising wages and political concerns in China.

Vietnam’s prospects as an exporter, economists say, are further buoyed by the recently approved Trans-Pacific Partnership, a 12-nation trade pact that includes the US and Japan.

Malaysia was the leading source of investment so far in 2015, providing 2.4 billion dollars, followed by South Korea at 2 billion, the United Kingdom at 1.2 billion and Japan at 1.1 billion.

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