Vietnam hopeful of attracting record FDI capital in 2005

Vietnam may reach a record FDI capital of more than 5 billion USD this year, exceeding its yearly target by 500 million USD, said Minsiter of Planning and Investment Vo Hong Phuc on September 9

FDI enterprise in Bien Hoa Industrial Zone

Vietnam may reach a record FDI capital of more than 5 billion USD this year, exceeding its yearly target by 500 million USD, said Minsiter of Planning and Investment Vo Hong Phuc on September 9.

Phuc told the daily Saigon Giai Phong (Liberated Sai Gon) that the country lured 3.5 billion USD in FDI capital in the first eight months, including capital for new projects and additional capital for existing ones.

Average investment for each project now stands at 4.5 million USD, a 1.5-fold rise over last year, said the minister. This shows major economic groups int he world have entered the scene. The trend is in line with Viet Nam’s policy to attract investment from big companies, trans-national groups and major powers in technology.

The minister asserted that Viet Nam’s legal environment for FDI has been improved much and the conditions will be even better when the common investment and unified enterprise laws are approved.

Under the new draft laws, the procedures for investment and business registration will become much simplier

(Source: VNA)