FDI capital reaches record 10.2 billion USD in 2006

Total foreign direct investment (FDI) capital so far this year stood at 10.2 billion USD, a year-on-year increase of 47 percent, according to the Foreign Investment Department.

The departments head Phan Huu Thang said the figure was the highest so far since the Law on Foreign Investment was promulgated in 1987.

This year, Viet Nam saw big waves of investment from transnational groups such as the Posco Steel Company with 1.12 billion USD, the Intel Group with 1 billion USD, the Tycoons Worldwide Steel with 556 million USD and the Winvest Investment group with 300 million USD.

Major investors in the country, including the EU, Taiwan, Japan, the US, and the Republic of Korea, have been expanding their investment.

Several provinces have made great progress in attracting FDI capital such as southern Ba Ria-Vung Tau province which is leading the country with 1.69 billion USD, and northern Ha Tay province which jumps to the third place with 805 million USD from the 62nd rank last year.

Thang said the FDI increase will have good impacts on Viet Nams economy, society and environment, creating an impetus for foreign investment activities next year.

FDI disbursement in 2006 reached 4.1 billion USD, up 24 percent over the last year. Many large-scale projects were promptly implemented after receiving licences.

(Source: VNA)