Vietnam is forecast to reap 20 billion 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 Investment Review reported Monday.
Phan Huu Thang, head of the Foreign Investment Agency under the Vietnamese Ministry of Planning and Investment, said he was confident in the forecast on the back of his agency's account of new 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 So park, and the 670-million dollar My Phuoc township, and other potential projects, the forecast will be definitely within reach," said Thang.
Southern Dong Nai province, southern Ho Chi Minh City and Hanoi capital remain the nation's FDI locomotives with forecasts amounting to 2.6 billion dollars, 2.5 billion dollars and 2.3 billion dollars, respectively, for 2007.
Thang said the forecast was a record-breaker as it would almost double the government's initial targets. A sharp rise in FDI figures is a good reflection of the statement that Vietnam is now firmly on major transnational companies' list of potential locations for investment.
According to a recent survey by the Asian Business Council, Vietnam ranks the third in investment attraction for Asian groups in the 2007-2009 period, after China and India.
"The Vietnamese government's continual efforts to improve infrastructure network and raise investment in education and training will satisfy new foreign investors coming to Vietnam," Thang said.
Vietnam attracted 107 FDI projects worth 735 million dollars in 1990, 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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