Vietnam will next month publish a new strategy designed to lure more foreign investment for agriculture, local newspaper Vietnam News reported Tuesday.
The strategy is targeted to increase foreign direct investment (FDI) to about 11 percent of the 150 trillion VND (9.4 billion U.S. dollars), the amount set for agriculture investment between 2006 and 2010, director of International Integration Department under the country's Ministry of Agriculture and Rural Development Le Van Minh was quoted as saying.
The strategy will include three main measures, which are enhancing the effectiveness and quality of each branch of agriculture and their produce, perfecting ways to encourage FDI for agriculture, and improving infrastructure and raising the effectiveness and promotion of FDI, Minh said, adding that legal regulations would be changed to eliminate difficulties and minimize risk for FDI investors.
More favorable environment for foreign investors in agriculture would be created. The government encourages FDI for such activities as the processing of crops and forestry products, and the planting of forests and livestock breeding, so as to gradually increase the value of the country's agriculture exports and decrease the import of raw materials, said he.
Vietnam lists 758 working FDI agriculture projects with registered capital of roughly 3.78 billion dollars, accounting for about 5.6 percent of the country's total FDI. Forty-two countries and territories have invested in Vietnam's agriculture, most from Asia, but the country has not yet lured FDI for agriculture from such countries as the United States, Canada and Australia.
Source: Xinhua
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