Vietnam targets US$34b of new FDI toward 2010

Vietnam has set a target of attracting US$34 billion in foreign direct investment (FDI) in the 2006-2010 period, focusing on high-tech industries, the Ministry of Planning and Investment (MPI) has said.
Under a draft FDI programme for the next five years, the ministry says that US$20-24 billion will be fresh investment and the remainder will be additional capital injected into operational projects.
Besides, in the period, disbursement of FDI will likely reach US$24 billion, with 55% going into manufacturing, 37% into the service sector and rest into agriculture.
The FDI attraction programme will lay special focus on information technology, electronic, biotechnology, and source technology from developed countries. The country will also call for investment into supporting industries, the ministry says in its plan.
In the service sector, the real estate, tourism, health and education areas should play key roles.
According to the ministry, Vietnam has attracted more than US$4 billion of FDI in the past eight-months, a fall of nearly 3% year-on-year.
Of this amount, new FDI makes up nearly US$2.97 billion committed in 426 FDI projects, up 3.1% in capital year-on-year. Meanwhile, 222 operational projects have registered to increase capital by US$1.1 billion, equivalent to 86% of last year’s additional capital.
Revenue from foreign invested enterprises in the period amounts to US$18.3 billion, up 24.7% year-on-year. Export sales from the foreign-invested sector reached an estimated US$9.45 billion, up 37.6%, while import spending in the eight-months was US$10.5 billion, up 22.2%.
Up to now, Vietnam has attracted US$55.1 billion of FDI with 6,476 projects licensed.

 

Category: Economy