MPI Grants Certificate of Merit to 13 FDI, Calls for FDI into 94 Projects at Forinvest 2005

Minister of Planning and Investment (MPI) Vo Hong Phuc on November 3, 2005 awarded his ministry’s certificates of merit to 13 foreign direct investment (FDI) enterprises which are operating profitably in Vietnam.

 

They are Toshiba Vietnam Co., Ltd, Vietnam Breeding Joint stock Co., Vedan Vietnam, Prudential Vietnam, Hanoi Towers Co., Ltd, British Petroleum (BP), Full Power, Japan-Vietnam Oil and Gas Co., Nam Thang Long Urban Area Co., Ltd, Vietnam-Australia Steel Joint venture, Honda Vietnam, OSCAT/AIA Vietnam, and Conoco Philips Vietnam.  

 

At the opening of Vietnam Forinvest 2005 on November 2 in Hanoi, Vietnam announced a list of 94 projects in need of total foreign direct investment (FDI) of over US$25.6 billion in the 2006-2010 period, the largest ever investment promotion event to be held in the country to date. 

 

These projects focus on the important fields of Vietnam’s economy, especially industry and hi-tech, according to the MPI.

 

Particularly, the country is now encouraging the private sector to be involved in infrastructure constructions, the MPI said.

 

There are six major projects in need of US$1-3.5 billion investment each, and the two largest projects are Nghi Son oil refinery and Ky Anh steel complex. 

 

Next year, Vietnam targets to attract US$5.5 billion of FDI. The country is expected to draw in US$5.2 billion or even US$5.4 billion worth of FDI capital this year, much higher than the initial target of US$4.5 billion and the highest levels since the Asian financial crisis in 1997.

 

More than 200 foreign direct investment (FDI) enterprises have participated in Vietnam Forinvest 2005. This is the second time Vietnam has organized a foreign investment exhibition.

 

The first Vietnam Forinvest took place in 1996 and had an active impact on the foreign investment situation of Vietnam. Foreign investment inflow to Vietnam slowed after 1997 due to Asia's financial crisis, however, it has bounced back recently due to improved business climate.

 

According to the ministry, about 35-38 per cent of the total 231 projects calling for FDI in the 2002-2005 period have attracted foreign investors.

 

At present, 5,800 foreign-invested projects with a combined registered capital of US$49 billion are operational in the country. Foreign-invested firms have contributed 18 per cent of the country's total development investment, 15 per cent of the national GDP and 54 per cent of the total export turnover over the past five years.