Vietnam Aims for Higher FDI Goal by 2010

3:04:37 PM | 1/9/2007

Vietnam has raised its foreign direct investment (FDI) target in 2006-10 period to US$55 billion, equal to US$11 billion a year on average, said a senior official from the Ministry of Planning and Investment Ministry (MPI).

The country had earlier hoped to attract US$9.2 billion in 2007 alone, according to Phan Huu Thang, head of the Foreign Investment Agency under the MPI.

The target is likely within Vietnam’s reach as its FDI picture has been very promising for the past few years, particularly as it attracted a record FDI of US$10.2 billion last year, Thang said.

To facilitate the investment climate, the MPI has asked the Government to amend several laws and procedures, and set up key markets namely Japan, the US, and EU, it has suggested.

A list of national projects should be issued to seek FDI from now to 2010, the ministry suggested. It also urged localities to provide investors their lists of projects to help them easily make decisions.

The Government plans to encourage investment in information technology, electronics, biotechnology, and agro-forestry and seafood processing in the years to come.

At present, Taiwan, Japan, the Republic of Korea, Hong Kong and Singapore are top investors in Vietnam. (Young People)