11:01:50 AM | 26/11/2007
The government of Vietnam is calling for US$61 billion from foreign and private investments for the 163 infrastructure projects from now till 2010 in a bid to maintain the set economic growth targets, state media reported on November 21.
The government will use US$53 billion to develop 109 industrial and construction projects, US$7.8 billion for tourism and service projects and the balance for six agro-forestry and fisheries projects, Vneconomy said.
Vietnam is trying its best to lay a red carpet for foreign and private investors in a bid to diversify investment sources for its infrastructure area in addition to State budget and ODA loans, Deputy Minster of Planning and Investment Nguyen Bich Dat noted.
Private and foreign investments remain at the limited level. Currently, domestic private investors have invested to build 60 infrastructure projects under build-operate-transfer, build-transfer modes, whilst foreign investors 18 power, telecom and water projects, Dat emphasized.
Phan Huu Thang, Head of MPI’s Overseas Investment Department said investments for infrastructure development become an urgent issue, which will need a huge sum.
The key projects include US$5 billion oil refinery of Nghi Son in Thanh Hoa province, the US$6 billion oil refinery 3 in Ba Ria-Vung Tau, the first phase of International Airport of Long Thanh totaling US$5 billion in southern Dong Nai province and a number of US$2-billion projects consisting of seaport Lach Huyen in northern Haiphong City, Van Phong Import-Export Zone, Tam Hai Recreation Center in central Quang Nam province and a series of US$1-billion transport projects.
With no hurdles regarding investment procedures and laws, Vietnam is facing another obstacle, the stagnant site clearance.
Compared with regional countries, Vietnam’s infrastructure systems are small-scaled, downgraded, and the Asean country’s infrastructure sector lacks capital to develop deepwater ports and highways, Nguyen Manh Kiem, Chairman of Vietnam Construction Association said. (Vneconomy, MPI, VietnamNet)
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