Saturday, August 19, 2017 - 23:56:13

FDI flow into Vietnam surges

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The total newly-registered and additional FDI capital poured into Vietnam in the first 10 months of this year hit 19.2 billion USD, a year-on-year increase of 65.5 percent, outdistancing this year’s target of 13-14 billion USD.

According to statistics from the Ministry of Planning and Investment’s Department for Foreign Investment, during the January-October period Vietnam licensed 1,050 new projects totalling more than 13 billion USD, up 79 percent from last year.

Meanwhile, 6.16 billion USD was added to 393 ongoing projects, a year-on-year rise of 42.5 percent.

The growth is attributable to efforts by the Government, ministries and localities in improving the business environment and simplifying administrative procedures to attract more foreign investors.

Vietnam also remains an attractive destination for investors thanks to the competitiveness in production cost, abundant labour force and a stable macro economy.

However, Chief Representative of Alstom Group in Vietnam Henri Noirhomme suggested that to keep current investors and attract new ones, Vietnam should upgrade its infrastructure and continue rationalising its administrative procedures.

He also asked banks and financial organisations to focus on solving bad debts.-VNA

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