The Hanoi Times - After three years of WTO (World Trade Organization) accession, Vietnam attracted record FDI (foreign directed investment) capital of more than USD114 billion.
Registered capital set record
The Foreign Investment Department under the Ministry of Planning and Investment said that between 2007 and 2009, Vietnam draw more than 4,000 foreign-invested projects with a total registered capital of more than USD114 billion, a 4.5-fold increase compared to the set target for the 2006-2010 period.
In 2009, FDI in Vietnam decreased and reached an estimated USD21.4 billion.
After three years of joining WTO, registered FDI capital in industry and construction took the lead. 75 countries and territories poured capital in the country and Malaysia ranked first.
Together with major economic areas in North Vietnam such as Hanoi, Haiphong, Hai Duong, Bac Ninh, and Vinh Phuc and in South Vietnam such as Ho Chi Minh City, Dong Nai, Binh Duong, Ba Ria – Vung Tau, and Long An, FDI capital was poured in other provinces around the country.
Investment conditions remained in some service sectors
Minister of Planning and Investment Vo Hong Phuc said that implemented FDI capital also increased considerably over the past 3 years. In 2009, disbursed capital reached an estimated USD10 billion. Within the past 3 years, implemented capital reached USD29.5 billion, exceeding the set target for the 2006-2010 period.
Foreign investment contributed significant capital to economic development in the integration period, Minister Phuc said.
Chairman of Vietnam Association of Foreign Investment Enterprises, Prof. Dr. Sc. Nguyen Mai said that FDI has been the brightest spot in the country’s economic picture over the past few years.
Vietnam’s commitments to WTO accession showed that there is no limit to joint-venture or wholly 100% foreign owned investment in the distribution field from January 1st, 2009.
Companies with foreign-invested capital in the distribution field are allowed to supply agent services, wholesale, retail for products made in Vietnam or those imported legally in Vietnam, excluding cement, clinke, tyres (except aircraft tyres), footwear, iron and steel, audiovisual devices, and fertilizer.
Minister Phuc said that within three years of implementing commitments to WTO accession, the enterprises community agreed to propose the Government to continue to retain investment and business conditions in some services that were applied before Vietnam joined the WTO.