30-year FDI attraction to be reviewed
VGP - The Ministry of Industry and Trade has announced it is preparing to review 30 years of foreign direct investment (FDI) attraction in Viet Nam.
The review will be based on a report on 25-year FDI attraction and a similar survey for 2012-2017 collecting feedback from ministries, agencies, localities, business associations and experts.
They offered insight into support industry, connectivity between domestic and foreign firms, technology, FDI attraction into infrastructure and high-quality agriculture and services, taxes and incentives and State management in FDI.
Since the Law on Foreign Investment was promulgated in 1987, the foreign-invested sector has expanded and contributed to Viet Nam’s development.
However, there have been violations of legal regulations on environment and tax, as well as transfer pricing, among others.
FDI inflow saw a 54.8% surge annually in the first half of this year to reach US$19.22 billion, according to the ministry’s Foreign Investment Agency
The figure included US$11.83 billion poured into new projects.
Japan surpassed the Republic of Korea to become Viet Nam's leading source of FDI in the period, pumping US$5.08 billion into the country, 26.5% of total FDI. Investors from the RoK invested US$4.95 billion, or 25.8%, while those from Singapore poured US$3.48 billion, or 18.1%.
In the same period, FDI disbursement experienced a year-on-year increase of 6.5% to US$7.72 billion.
The foreign-invested sector accounted for 71% of the country’s six-month export turnover. The sector also recorded a trade surplus of US$10.22 billion in the period.
As of June 20, 2017, Viet Nam is home to more than 23,590 foreign-invested projects with total registered capital of US$306.3 billion.-VNA
