Area Development
Foreign direct investment (FDI) pledged to Vietnam over the first seven months of 2008 has reached a record US$45.3 billion, an increase of 373 percent over the same period in 2007, according to a report from the Vietnamese government's General Statistics Office via Associated Press. The figure surpasses the record of $21.3 billion the nation received for the entire year of 2007. Taiwan is the top investor in Vietnam with a total pledged of $8.4 billion, the majority of which is the Formosa Group's planned $7.9 billion steel plant. Japan is ranked second with $7.2 billion, including a $6.2 billion refinery joint venture between PetroVietnam and companies from Japan and Kuwait. Malaysia is third with $5.1 billion pledged. A total of 381 projects with a $21.5 billion pledged investment are in industry, while 243 projects at $22.8 billion are in the service sector.