According to the Department of Economic Zone Management under the Ministry of Planning and Investment, so far this year, Vietnam has drawn 8,970 FDI projects with capital of over 187 billion in industrial parks and economic zones. Meanwhile, there are 388 domestic investment projects in industrial parks and economic zones with total newly registered capital of over 4.1 billion USD in the first nine months of this year. The department said at present, the nation has 327 industrial parks with total area of about 96,100 ha. Of which, 256 industrial parks are in operation with occupancy rate at 75 per cent. Seventeen coastal economic zones have been established with a total land area and water surface of more than 845,000 ha./. VNA … [Read more...] about IPs and EZs attract 10 billion USD of FDI in nine months
Illustrative image (Source: VNA) Hanoi (VNA) – Foreign investors poured 26.16 billion USD into Vietnam in the first nine months of this year, up 3.1 percent over the same period in 2019, according to the General Statistics Office. Of the figure, 10.97 billion USD was invested in nearly 2,760 new projects, down 22.3 percent in terms of the capital and up 26.4 percent in the number of projects year on year. Approximately 4.79 billion USD was pledged to existing projects, equivalent to 86.4 percent of the value from a year ago. Foreign firms spent 10.4 billion USD on capital contributions and share purchases in Vietnam during the period, representing a year-on-year increase of 82.3 percent. The nine-month foreign direct investment (FDI) disbursement was estimated at 14.22 billion percent, up 7.3 percent year on year. Processing and manufacturing remained the most attractive sector to foreign investors during the January-September period, drawing 18.09 billion USD, making up … [Read more...] about Vietnam lures over 26 billion USD of FDI in nine months
A corner of Hanoi capital (Photo: hanoimoi.com.vn) Hanoi (VNA) – Hanoi raked in about 6.23 billion USD in foreign direct investment (FDI) during the first nine months of this year, continuing to lead the country in FDI attraction, according to the municipal People’s Committee. Of the total, 503 million USD was poured into 631 new projects, while 509 million USD was added to 148 existing ones. Foreign investors injected over 5.22 billion USD into local firms via capital contributions and share purchases. In September, the capital licenced 65 new FDI projects worth a total of 30 million USD, including 54 wholly foreign invested and 11 associate and joint venture ones. Some 20 million USD was added to 15 existing projects while about 75 million USD was contributed by foreign investors to local enterprises. During the nine-month period, the city granted business registration certificates to over 20,560 new businesses with total registered capital exceeding 263.7 trillion VND … [Read more...] about Hanoi remains Vietnam’s biggest FDI magnet in nine months
Since the enactment of the Law on Foreign Investment in December 1987, one of the first achievements of ‘Doi Moi’, Vietnam has attracted FDI to its economy for over 30 years. Hence, FDI is becoming an important economic sector of Vietnam. A long road To date, more than $182 billion in FDI has been invested in almost all industries and sectors of the economy, significantly contributing to the development and restructuring of the economy. The FDI sector accounts for about 25% of total investment nationwide, and generates over 70% of total export turnover of the country. However, many experts believe that FDI is dominating too many fields and occupations, taking opportunity away from home-grown businesses, and above all, making the economy dependent on foreign investment. To adequately analyse the effect of FDI, Dr. Nguyen Dinh Cung, Director of the Central Institute for Economic Management, explains that one cannot only focus on FDI enterprises alone, but must make a … [Read more...] about Will FDI adversely affect Vietnamese businesses?
An FDI firm in Ho Chi Minh City (Photo: VNA) HCM City (VNA) – Representatives from foreign-invested (FDI) enterprises in Ho Chi Minh City contributed their ideas and recommendations to spur growth in the city at a meeting with municipal leaders on March 23. Secretary of the city’s Party Committee Nguyen Thien Nhan hailed the development of the FDI sector in the city, which has become one of the growth drivers for the city. He reported that 1.55 billion USD had been poured into HCM City in the first three months of 2019, up 20.4 percent from the same period last year. The official said the new trend of technological development and globalisation has required the city’s administration to reform its management in order to create a favourable environment for business activities and innovation. Chairwoman of the American Chamber of Commerce in Vietnam (AmCham) Amanda Rasmussen said at the meeting that HCM City has made progress in facilitating … [Read more...] about FDI firms contribute ideas to promote growth in HCM City