Vietnam to Pull in US$60 Bln FDI This Year

Vietnam is forecast to attract a total foreign direct investment capital of some US$55 billion-US$60 billion this year, tripling the figure of 2007, the Ministry of Planning and Investment (MPI) said. 

The figure of US$55 billion-US$60 million is within Vietnam’s reach as the country is welcoming large influx foreign investors, the Ministry said. 

Particularly, the Southeast Asian country stands at high positions in the rankings of international organizations.

It was named in the top ten countries in the world attracting multi-national companies’ investment the most between 2007-2009, according to the United Nations Conference on Trade and Development (UNCTAD). 

In a report released recently, Bank Credit Analyst, an independent research organization said, Vietnam is surpassing China, Thailand and India in attracting foreign investment in the field of garment and textile, foot wear and electronic component production thanks to its low labor costs. 

Meanwhile, Water House Coopers listed Vietnam among the world’s 20 emerging economies which are very attractive to manufacturers and investors in supporting industries. 

MPI said Vietnam is now home to some 9,494 FDI projects totaling US$132.3 billion. In the past three years, the registered capital of FDI projects is equal to that of the last 20 years put together.

FDI accounts for 37 per cent of industrial production value, 50 per cent of total export turnover and 16 per cent of the country’s GDP. Each year, FDI firms contribute over US$1 billion to the State budget.

Experts said that the country should pay attention to developing supporting industries, if not these will affect the FDI attraction.

(Source: VOV)