Vietnam is forecast to reap 20billion U.S. dollars in foreign direct investment (FDI) this year,an impressive record to mark the 20th anniversary of the country's Foreign Investment Law, local newspaper Vietnam InvestmentReview reported Monday.
Phan Huu Thang, head of the Foreign Investment Agency under theVietnamese Ministry of Planning and Investment, said he wasconfident in the forecast on the back of his agency's account ofnew foreign-invested projects to be licensed this month.
"By the end of November, we had more than 16 billion dollars innewly-registered FDI capital. With the one-billion dollar Yen Sopark, and the 670-million dollar My Phuoc township, and otherpotential projects, the forecast will be definitely within reach,"said Thang.
Southern Dong Nai province, southern Ho Chi Minh City and Hanoicapital remain the nation's FDI locomotives with forecastsamounting to 2.6 billion dollars, 2.5 billion dollars and 2.3billion dollars, respectively, for 2007.
Thang said the forecast was a record-breaker as it would almostdouble the government's initial targets. A sharp rise in FDIfigures is a good reflection of the statement that Vietnam is nowfirmly on major transnational companies' list of potentiallocations for investment.
According to a recent survey by the Asian Business Council,Vietnam ranks the third in investment attraction for Asian groupsin the 2007-2009 period, after China and India.
"The Vietnamese government's continual efforts to improveinfrastructure network and raise investment in education andtraining will satisfy new foreign investors coming to Vietnam,"Thang said.
Vietnam attracted 107 FDI projects worth 735 million dollars in1990, 391 FDI projects totaling over 2.8 billion dollars in 2000,and 987 FDI projects valued at 12 billion dollars in 2006,according to the country's General Statistics Office.
Source: Xinhua
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