THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Investment promotion work paid off
VGP - Việt Nam’s recent investment promotion activities have greatly affected its attraction and effective use of FDI, contributing to economic growth, restructuring and international integration, according to the Ministry of Planning and Investment.
November 06, 2008 5:30 PM GMT+7
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Việt Nam is proactively enhancing investment promotion activities to speed up economic development
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Việt Nam already adopted legal documents regulating investment promotion quite early and at the same time, has paid great attention to perfecting the organizational system of implementers of this work from central to the grassroots levels.
To date, almost all localities have set up their own centers specialized in investment promotion. Particularly,Việt Nam has established an overseas investment promotion system consisting of diplomatic, economic and trade representative agencies abroad.
Investment promotion has been proactively carried out both at local and national levels, through frequently organizing working visits, meetings and workshops abroad, focusing on some key partners such as the US, Japan, Europe, Republic of Korea and ASEAN countries.
Việt Nam has broadened bilateral cooperative programs and finalized the signing of agreements on investment encouragement and protection with many countries. So far the country has signed 51 bilateral agreements on investment encouragement and protection, more than 40 agreements on anti-double taxation.
Ministries, branches and localities have formulated and issued lists of projects calling for investment. The Government of Việt Nam has publicized six lists of foreign investment projects to facilitate investors’ access to business opportunities in the country.
To further attract foreign investment for national economic development, the Ministry of Planning and Investment (MPI) intends to devise an investment promotion strategy, form a coordinating mechanism for investment, trade and tourism promotion as well as for investment promotion activities and diplomatic one for economic purposes.
According to the MPI’s Foreign Investment Agency, an additional US $2.02 billion of foreign direct investment have been poured in Việt Nam through 68 projects licensed in October. Consequently, newly-licensed projects over the past ten months totaled 953, worth of US $58.3 billion, 6 times higher than the same period last year.
By Ngọc Vân