Northwest region attracts US$1.73 billion FDI
(VOV) - By early 2015, foreign businesses have invested US$1.73 billion in 106 projects in the northwest region, according to latest statistics released by the Foreign Investment Agency (FIA) under the Ministry of Planning and Development.
Foreign direct investment (FDI) in the region focuses on the processing and manufacturing industries with 68 projects which are capitalised at US$90.5 million (accounting for 78% of total registered FDI capital). Following are the mining industry with three projects worth US$151.1 million and the entertainment industry with three projects worth US$86 million.
China topped the 18 foreign investors in the region with 40 projects capitalising at US$890 million (making up 51.4% of total FDI capital). Coming after are Japan and Australia with an investment capital of US$147.8 million and US$136 million, respectively.
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Lao Cai took the lead among six northwestern provinces with 35 projects worth US$875 million (accounting for 50.5% of total registered capital), followed by Hoa Binh with 33 projects worth US$435.4 million, Son La with 10 projects worth US$280 million, Yen Bai with 23 projects worth US$137.6 million, Lai Chau with 5 projects worth US$4 million.
According to FIA, tough mountainous terrain, difficult transportation and poor infrastructure hinder investors from coming to the northwest region.