Promised investment into Vietnam fell 38% during the January to April period, according to a government official.

About $300m (�200m) in fresh investment was promised during the four month period, an official from the Ministry of Planning and Investment said.

Vietnam's industrial and construction sector was set to attract about 80% of the cash, with most of it going to the southern parts of the country.

The industry had licensed 134 projects worth about $240m between New Year and the end of April.

Other industries

A further 38 projects in other industries made up the remaining $60m of the total investment pledges.

About a third of these were agriculture projects which attracted $26.5m.

The remaining projects were in the service sector, the official said.

Foreign investors have been cautious about pouring cash into Vietnam.

They have complained about an ineffective bureaucracy and about corruption.

Vietnam has been working actively to attract both foreign investment and expertise from abroad.