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  Foreign Investment

Vietnam to hit US$5.8 billion in FDI

According to the Ministry of Planning and Investment (MPI), during the past 11 months, Vietnam attracted US$5.61 billion in foreign direct investment (FDI), an increase of 40.3 percent compared the same period last year.

The country’s FDI is expected to reach US$5.8 billion in 2005, up 25 percent over 2004 and exceeding the US$4.5 billion target set for this year by 29 percent.

During the reviewed period, 42 countries and territories invested in Vietnam of which, five nations and territories took the top spot - Luxembourg (accounting for 13.73 percent of the total registered capital), the Republic of Korea (13.35 percent), Samoa (13.27 percent), Japan (13.01) and Taiwan (12.45 percent).

As many as 41 localities have attracted FDI, with Hanoi taking the lead with 26.2 percent, followed by Dong Nai, Ba Ria-Vung Tau, Binh Duong and HCM City.

Notably, in 2005, the Vietnamese Government licensed a number of major projects involved in applying CDMA (Code Division Multiple Access) advanced technology for mobile phone networks, producing automobile and motorbike spare parts of Yamaha Motor and Mabuchi Motor Group and expanding the production scale of Canon and Honda groups of Japan.

MPI Minister Vo Hong Phuc said Vietnam has made remarkable progress in FDI attraction in 2005. Apart from the optimistic assessments of the investment environment in Vietnam by foreign investors and the international community, major markets such as the EU, the US and Japan are paying more attention to Vietnam.

Minister Vo Hong Phuc also said that during a recent trip to Japan to work with the Japanese Government and more than 20 leading groups, there seems to be a new surge of Japanese investment in Southeast Asian countries, particularly Thailand and Vietnam.

At the Consultative Group Meeting in Hanoi recently, international donors also mentioned the opportunity. Some donors said that if Vietnam improves infrastructure, particularly in the areas of energy, telecommunications and seaports, the country will surely attract more investment. They also touched upon investment procedures and improvements to the quality of dialogues between local authorities and investors.

To this end, Vietnam should quickly implement the Investment and Enterprise laws, which have just been approved by the National Assembly. Of special note, Minister Phuc also talked about giving more authority to provinces in the granting of investment licences for projects worth no more than US$50 million, so that they can actively attract foreign investment.

According to the PMI estimation for 2006, newly granted capital and additional capital will be maintained at high levels, with prediction of US$3.6 billion in newly granted capital and US$1.9 billion in additional capital.

VOV - (13/12/2005)

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