First FDI Project Licensed in 2007
The People’s Committee of Thai Nguyen Province handed the investment licence to Japan’s Intra Group on January 9, becoming the first foreign direct investment (FDI) project this year. Intra Group will invest US$100 million to develop Xuong Rong regulating lake and Xuong Rong urban zone in Thai Nguyen City under the form of Build-Transfer (BT). The Xuong Rong regulating lake will help reduce flooding threats in northern Vietnam and reduce pollution on Cau River running through Thai Nguyen Province. The Xuong Rong new urban zone will comprise of houses, offices, commercial centres, hotels and entertainment works. This project will get started this year and finished in 2010.
According to Mr Phan Huu Thang, Director of Foreign Investment Department under the Ministry of Planning and Investment, this investment project is a good start for this year when Vietnam expects to draw a total of US$11 billion FDI capital. According to Thang, this target is within reach because the investment environment in Vietnam has been improved significantly and there are many pending projects with registered investment capital of US$1 billion upward, such as Thach Ke metallurgical complex in Ha Tinh Province and bauxite ore project in Lam Dong Province. Besides, the decentralisation in licensing authorities to local governments is also an advantage to attract more FDI capital this year.
K.P
Vietnamese
