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Submitted by ctv_en_5 on Thu, 01/24/2008 - 11:55
According to Minister of Planning and Investment Vo Hong Phuc, foreign direct investment (FDI) attraction in 2007 alone reached US$20.3 billion, nearly 70 percent more than in 2006. This was equivalent to the total foreign investment from 2001 to 2005, accounting for roughly 20 percent of the total foreign investment capital in 20 years.

Mr Phuc announced this at a seminar held by the Ministry of Planning and Investment in Hanoi on January 24.


Minister Vo Hong Phuc said that over the past 20 years, the foreign-invested sector has strongly developed and expanded, becoming an important part in the national economy, contributing greatly to the success of the Doi Moi (Renewal) process. So far, the country has licensed more than 9,500 foreign investment projects with a total registered capital of US$98 billion. Around 8,590 of them are still operational and have a total investment of US$83 billion.


The industrial and construction sectors make 61 percent of the total registered capital, service sector 34.4 percent and agro-forestry and farm produce 4.6 percent.


In the first working session under the theme “Foreign investment in the economic renovation process”, Deputy Minister of Planning and Investment Truong Van Doan said that around 82 countries and territories are currently investing in Vietnam. 69 percent of the total registered capital came from Asian nations, 24 percent from European countries (including 10 percent from the EU). Currently, around 15 nations and territories have had registered capital of more than US$1 billion in Vietnam, with the Republic of Korea taking the lead (over US$13 billion), followed by Singapore (US$10.7 billion), Taiwan (US$10.5 billion) and Japan (over US$9 billion).


The foreign-invested sector’s export turnover also increased sharply, higher than the country’s average rate, making an important contribution to raising the country’s export turnover.


Mr Doan added that foreign investment capital has increased rapidly, especially during the 2006-200 period while disbursed capital has increased slowly over the past few years. Foreign investment in such fields as agriculture, forestry and seafood remains low, especially investment in technologies from developed countries like the US and EU countries.


Minister of Justice Ha Hung Cuong affirmed that it is easy to see the changes and development of Vietnam’s legal system for foreign investment activities over the past 20 years. In the early years of the Doi Moi process, the introduction of the Law on Foreign Investment in December 1987 was of great significance to foreign investors. To meet the country’s development needs, the Law on Foreign Investment was amended and supplemented in 1990 and done again in 1992. Later, the Law on Foreign Direct Investment replaced the Law on Foreign Investment in 1996 and was amended and supplemented in 2000. The Vietnamese State and Party always pay special attention to enforcing the Law on Foreign Investment.

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