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Vietnam needs to target quality FDI

Vietnam needs to adjust its policies on foreign direct investment (FDI) and target quality investors as the competition to attract investment becomes fiercer at both regional and international levels.
Vietnam needs to adjust its policies on foreign direct investment(FDI) and target quality investors as the competition to attractinvestment becomes fiercer at both regional and international levels.

The Chairman of the Association of Foreign Invested Enterprises, Dr.Nguyen Mai, stated this after witnessing the slow progress of a numberof FDI projects, with capital of several billion USD. A number ofprojects have already almost had their investment certificateswithdrawn.

In an interview granted to the Lao Dong(Labour) daily issued on August 25, Do Nhat Hoang, Head of the ForeignInvestment Agency (FIA), said that the agency has conducted aninspection of 24 projects captalised with more than one billion USDacross the country to select eligible investors.

Accordingly, the FIA will withdraw the licenses of virtual projects andnot grant certificates to investors with only a limited capacity, saidHoang. However it will still consider supporting projects which are onlynow slowly making progress, due to the impact of the global economiccrisis, or projects that have faced unexpected difficulties.

This year, the Ministry of Planning and Investment (MPI) plans toselect and guide FDI projects into pivotal areas such as supportingindustries, infrastructure development, the manufacture of high exportvalue products and human resources projects in line with restructuringthe economy.

However, said Hoang, to reach thetarget, more effort and responsibility are needed from the MPI as well aslocal agencies to attract more investment.

Therefore, localities need to improve their ability to appraise projectsand the capacity of investors, while holding legal responsibility,instead of taking a back seat and performing only supervisory tasks.

According to the MPI, Vietnam will attract about 21 billion USD inFDI this year and disburse 14-15 billion USD during the globaleconomy’s recovery./.
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