Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade LTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL LTCUSD | View LTCUSD News & Updates


Buy Sell LTCUSD, Bitcoin and Cryptocurrencies

FDI lower in 2010, but spending up   2011-01-06 - VNS

A hi-tech zone in District 9, HCM City. Around US$1.17 billion of the registered $1.82 billion in FDI in HCM City was disbursed in 2010. — VNA/VNS Photo Van Khanh

A hi-tech zone in District 9, HCM City. Around US$1.17 billion of the registered $1.82 billion in FDI in HCM City was disbursed in 2010. — VNA/VNS Photo Van Khanh

 For 2010, the amount of registered foreign direct investment (FDI) declined compared to the last several years, but disbursement of FDI rose.

In HCM City, around US$1.17 billion of registered FDI valued at $1.82 billion was disbursed in 2010.

"The high proportion of disbursement was because two-thirds of the projects had an intermediate level of capital and were focused on production, manufacturing and retail services," said Lai Van Vuong, deputy head of the municipal Investment and Planning Department's Investment Registration office.

Meanwhile, the neighbouring province of Dong Nai gained significant results, with 62 expanded projects worth a total of $888 million.

In addition, although the number of new FDI projects was only half of those in 2009, with a total of $1.5 billion, all 41 projects were of a small size, under $7 million each, and easy to be deployed.

"Last year, we disbursed $800 million, an increase of 12.5 per cent in comparison with 2009. Of that, $520 million went to industrial parks, where many big enterprises like Japan's Toshiba and Germany's Robert Bosch had recovered after the global financial crisis and began expanding their operations," said Nguyen Luc Hoa, deputy director of Dong Nai's Planning and Investment Department.

The expanded capital in Binh Duong Province was $268 million of a total of $388 million in FDI.

Along with the increased quality of capital, these provinces have strongly promoted the inspection and oversight of proposed FDI projects.

HCM City, for example, decided to withdraw business licensces of 40 delayed real estate projects, while Dong Nai stopped operations of 35.

In Ba Ria – Vung Tau Province, investors of 16 projects with total investment of $230 million voluntarily withdrew their capital.

In Binh Duong, six enterprises were asked to stop operation because of heavy pollution, and 41 others were placed on a black list for the same reason.

This year, only HCM City has set a target of $1.5 billion for FDI; Dong Nai's goal is $2 billion.

Other southern key economic provinces expect several hundred million dollars for FDI.

"Binh Duong will not provide any business license for enterprises working outside industrial parks, except for real estate, retail, services and construction," said Le Viet Dung, deputy director of Binh Duong's Planning and Investment Department.

"Binh Duong does not and will not attract FDI just by paying any price. We will focus on the quality of investment," Dung added.


Other news

Shares rebound after dismal day's trading   2011-01-06

Viet Nam to increase exports to Egypt   2011-01-06

Real estate group gets down to business   2011-01-06

Inflation fears depress shares   2011-01-06

Tax cut by up to 6% on 1,000 imports   2011-01-06

Vietnam should learn from China to develop: expert   2011-01-06

The 50 richest stock millionairesses in 2010   2011-01-06

Foreign capital will be the driving force for stock market in 2011   2011-01-06

MOF stops acting as guarantee for VEC to issue bonds   2011-01-06

Who is the real richest Vietnamese?   2011-01-06

Banks to start year with challenges and oppotunities   2011-01-06

Privately-backed refinery projects yet to hit top gear   2011-01-05

BUSINESS IN BRIEF 5/1   2011-01-05

Office rent is escalating, businesses relocate offices to suburb areas   2011-01-05