MPI to Keep Close Watch on FDI Projects
The Vietnamese Ministry of Planning and Investment (MPI) has been urging cities and provinces nationwide to keep close watch on their foreign direct investment (FDI) projects.
It is high time for both central and local governments to speed up licensing eligible FDI projects and boosting the progress of delayed ones, said Head of the MPI’s Foreign Investment Agency Phan Huu Thang.
The agency is sending delegations to FDI hotspots across the country including Hanoi, Vinh Phuc, Quang Ngai, Khanh Hoa, Ba Ria-Vung Tau, Dong Nai and Ho Chi Minh City to check the licensing of new FDI projects and the implementation of existing ones.
Affected by the global financial slowdown, only southern Ba Ria-Vung Tau, which licensed new FDI projects capitalized US$5 billion in the first two months of this year. Meanwhile, the country’s remaining localities witnessed a sharp fall of FDI during the phase.
Thang added that in this context we are worried about the failure to reach the MPI’s target of luring US$20-US$25 billion FDI this year and the goal to surpass US$11.5 billion in FDI disbursement is also a challenge for Vietnam.
The Southeast Asian nation has made great strides in FDI attraction since it gained WTO membership in 2006. Its newly-licensed FDI grew from US$6.8 billion in 2005 to US$12 billion in 2006, US$21.3 billion in 2007 and US$64 billion in 2008.
The disbursement reached US$4.6 billion in 2006, US$8.3 billion in 2007 and US$11.5 billion in 2008. (VIR)
Vietnamese
