November 22, 2017 19:53

Advertisement Contact us RSS Vietnamese

Foreign investment in Vietnam rises sharply

20:03 | 07/10/2017

In the past 9 months Vietnam received a total registered FDI of almost 25 5 billion USD up 34 3 pct from last year

foreign investment in vietnam rises sharply

Disbursed capital totaled US$12.5 billion, up 13.4%, according to the latest report by the Foreign Direct Investment Agency.

Vietnam has attracted almost US$25.5 billion in registered FDI so far this year, proving that foreign investors see Vietnam’s economic prospects favorably compared to other countries in the region.

2017 is the fourth consecutive year Vietnam has implemented a government resolution to improve the business environment and enhance national competitiveness. Many changes have been made in multiple localities.

Tran Thanh Liem, Chairman of the Binh Duong provincial People’s Committee, said the province has steadily improved its investment environment.

“The provincial People’s Committee has implemented various measures to attract investors. We have reformed administrative procedures to reduce the time and costs for enterprises and created a friendly atmosphere for people and enterprises,” said Liem.

Vietnam’s participation in a number of bilateral and multilateral free trade agreements has inspired foreign investors.

Exports from FDI enterprises totaled US$111 billion, up 21% from last year. This was 72% of Vietnam’s total export value.

Imports by FDI enterprises were worth more than US$93 billion, up 26% from last year. This was more than 60% of Vietnam’s total import value. FDI enterprises posted a trade surplus of more than US$17.6 billion.

Michael Bahrens, President of the European Chamber of Commerce in Vietnam, said the EU-Vietnam Free Trade Agreement will likely become a deal to lead Vietnam in the global trade integration process this year and in the future. It can be a foundation on which to become the most promising business hub in Southeast Asia in the eyes of European companies.

Currently 126 countries and territories have projects in 18 sectors in Vietnam, worth US$25.5 billion. The manufacturing and processing sectors continue to attract the most foreign investors.

Mai Van Nhon, Deputy Director of the management board of Dong Nai’s Industrial Parks, said, “A good project for the state is the one which pays taxes to the state budget. A good project for society must create pervasive effects in terms of technology, generate jobs, and improve the professional qualifications of workers. A good project should, of course, benefit investors.”

According to economists, Vietnam remains attractive to foreign investors. Vietnam is forecast to attract US$30 billion of FDI capital this year. Disbursement will likely reach about US$18 billion.

Source: VNA