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  Foreign Investment

Industrial and construction sectors attract substantial foreign investment

The industrial and construction sectors have so far attracted 3,882 foreign-invested projects with a combined registered capital of US$29.3 billion, according to the Ministry of Industry.

The figures represent 67 percent of the country’s total valid number of foreign direct investment (FDI) projects and 60 percent of the total registered capital and approximately US$18 billion has been disbursed for industrial and construction projects to date.

Foreign investment has mainly focused on oil and gas, electricity, and mechanical engineering industries, as well as the production of steel, automobile, electrical and electronic appliances, garment and textile, footwear, beverage, plastic and paper products.

The oil and gas sector took the lead in terms of foreign investment attraction, fetching the country almost US$7 billion in foreign investment.

The foreign-invested sector contributed 35.6 percent of the country’s industrial production value, higher than the corresponding figures of the State-owned and non-State sectors.

In order to further increase the flow of foreign investment, the Ministry of Industry has encouraged enterprises to diversify ways to attract and expand investment capital, renovate technology and introduce major development plans. It has also focused on improving the quality of trade promotion and boosting market research activities.

The ministry plans to call for further investment in high-tech and sourcing industries, and allows the transformation of FDI companies into joint stock companies.

VOV - (23/11/2005)

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