(Hanoi) REUTERS: Vietnam received US$ 4.1 billion in foreign direct investment (FDI) in the first three months of 2021, up 6.5 percent from a year earlier, government data showed.

FDI has been a key driver of Vietnam’s economic growth. 

Companies with investment from foreign firms account for about 70 percent of the Southeast Asian country’s exports.

FDI pledges which indicate the size of future FDI disbursements — rose 18.5 percent from a year earlier to US$ 10.13 billion in the January-March period, the government said in a statement.

Of the pledges, 49.6 percent would go to manufacturing and processing, while 38.9 percent are to be invested in electricity distribution, it added.

Singapore was the top source of FDI pledges in the period, followed by Japan and South Korea.