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MPI still optimistic about FDI attraction   2009-07-28 - VietNamNet/TBKTVN

Minister of Planning and Investment Vo Hong Phuc, in a recent interview with Thoi bao Kinh te Vietnam, said that though foreign direct investment (FDI) in Vietnam has decreased, Vietnam’s FDI attraction remains fairly good in comparison with other regional countries.


TBKTVN: Vietnam expects to attract $20 billion worth of FDI in 2009, including $8 billion worth of implemented capital. This means a sharp fall in the registered FDI capital in comparison with 2008. What is your comment about the sharp fall?


Minister of Planning and Investment Vo Hong Phuc

Phuc: It is true that our FDI has decreased, but Vietnam’s FDI attraction remains very good compared to regional countries. Vietnam is still being recognised as a good destination for foreign investors. We have also got a higher ranking in FDI attraction.


At the mid term consultative meeting of donors to Vietnam (CG meeting) in Dak Lak in early June, the UK Ambassador Mark Kent noted that alongside Vietnam dealing well with the economic downturn, Vietnam’s business environment has become more attractive in the eyes of foreign investors.


Most recently, on the list of the 50 most attractive countries and territories as investment destinations, released by the global consultancy firm AT Kearney, Vietnam was in the top 10.


Currently, our focus is to strengthen administrative reform so as to persuade more foreign investors to come to Vietnam and to disburse more rapidly.

Administrative procedural reform is the thing the Government has been paying special attention to in order to minimise inconveniences for investors.


TBKTVN: However, a lot of foreign investors have expressed disatisfaction about the new corporate income tax, stressing that this will have bad impacts on FDI attraction. Will the Ministry of Planning and Investment take any measure to help settle the problem?


Phuc: It is true that problems exist in corporate income tax, found in the tax on businesses when they make investment in industrial zones and when they make investment to expand production scale. The Ministry of Planning and Investment had found the problems and reported them to the National Assembly.


We have proposed amending the laws. However, for some reasons, the amendments were not discussed at the 5th session in May, but will be discussed in the next session.


TBKTVN: Investors always choose to make investment in fields with the fewest risks which can bring highest efficiency and allow them to take back capital in the shortest time. That explains why the FDI into agriculture, forestry and aquaculture remains low in comparison to our demand. What will we have to do to improve this?


Phuc: The Ministry of Planning and Investment has joined forces with the Ministry of Agriculture and Rural Development and other concerned agencies to build up a programme on attracting FDI to agriculture in 2009-2015. A lot of measures have been mentioned to attract foreign investment into biology technology projects aiming to create new varieties that can have capacity and quality meeting the market’s demand…


In the national investment promotion programme in 2009, the Ministry of Planning and Investment has also reserved funds to promote investment into agriculture. The promotion programme will be carried out right in the third quarter of 2009.

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