Business
Foreign investment lightens Viet Nam’s economy
VNECONOMY updated: 19/12/2007
Viet Nam’s success in attracting foreign direct investment (FDI) at present is considered as one of the brightest points in the country’s economy, said the Secretary General of the United Nations Conference on Trade and Development (UNCTAD) on December 18 in Ha Noi.
At a seminar on Viet Nam’s investment policy, UNCTAD Secretary General Supachai Panichpakdi said that Viet Nam ranks sixth in FDI attraction among the surveyed economies.
According to the UNCTAD, the Vietnamese Government should encourage FDI businesses to invest in telecommunications, electricity, transport and education.
However, a suitable and uniformed market liberalisation strategy is required to attract foreign investors in the above mentioned fields. Viet Nam should begin designing and implementing a master plan to attract a larger FDI influx. Such a plan should not only focus on production activities for exports but also FDI in new and active fields, including services, said a UNCTAD official.
According to a report by the Foreign Investment Department, since the Foreign Investment Law became effective almost 20 years ago, Viet Nam has attracted more than 7,300 projects totalling around 70 billion USD with Singapore, the Republic of Korea, Taiwan, Japan and Hong Kong are leading investors. The nation is expected to attract more than 16 billion USD in FDI this year.
Source: Vietnam Agency
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