Vietnam eyes foreign investment of 34 bln USD in 5 years

Vietnam plans to attract 30-34 billion U.S. dollars of foreign direct investment (FDI) between 2006 and 2010, according to local newspaper Investment on Monday.

Under a draft program on enticing FDI from 2006 to 2010 recently worked out by Vietnam's Ministry of Planning and Investment, the country is anticipated to attract 22-24 billion dollars of fresh FDI and 8-10 billion dollars of additional capital of operational projects.

To this end, Vietnam will strongly encourage foreign investment in information technology, electronics, micro-electronics, biotechnology, basic technology, auxiliary industries, agro- processing, realty trading, tourism, healthcare, education and training.

Vietnam is estimated to lure nearly 4.1 billion dollars of FDI in the first eight months of this year, decreasing one percent over the same period last year, according to the ministry's Foreign Investment Department under the Ministry of Planning and Investment.

Of the investment, roughly 3 billion dollars come from 421 newly-licensed projects, down 33.5 percent in project number but up 1.5 percent in registered capital, and 1.1 billion dollars from 216 operational projects.

Vietnam is expected to attract FDI worth 6.8 billion dollars next year, up from anticipated 6.5 billion dollars this year. Of the FDI in 2007, between five and six billion dollars is expected to be fresh investment, and the rest additional capital of operational projects, the department said.

Vietnam attracted nearly 5.9 billion dollars worth of FDI in 2005, up 40.2 percent over 2004. As of July 20, it housed 6,427 foreign-invested projects with total registered capital of over 54. 6 billion dollars.

Source: Xinhua