Automobile production in Hyundai Thanh Cong factory (Photo: VNA) Hanoi (VNA) –A conference to review 30 years of foreign direct investment (FDI) in Vietnamwill be held in the first week of October 2018, according to Prime MinisterNguyen Xuan Phuc.
The PM assigned theMinistry of Planning and Investment to ask for approval of the Politburo on holdingthe conference, while making a report summarising foreign investment attractionover the past 30 years, with an evaluation of the work in the past five years.
The report will assessmajor aspects of foreign investment attraction, including investment in supportindustry, connectivity between foreign-invested and domestic enterprises, technologyand technology transfer, environment, FDI in infrastructure, agriculture andservice, State management over FDI, support to FDI firms and plans for futureFDI attraction.
The PM emphasised thesignificance of the conference in creating consensus on the evaluation ofluring FDI, aiming to promote strong points and minimise weaknesses. Investmentpromotion is also part of the event.
Over the years, the FDIsector has been a dynamic economic area with positive contributions to growth,giving important capital resources, and helping enhance the efficiency of domesticresources and transforming the economy’s structure.
The sector has alsocontributed to increasing the country’s exports, expanding foreign markets,generating jobs and promoting technology transfer.
Vietnam attractedmore than 20 billion USD in FDI in the first half of 2018.
The capital was poured into 1,362 new projects and 507 existing ones andused to contribute capital and buy shares in domestic companies.
According to DeputyMinister of Planning and Investment Nguyen The Phuong, after 30 years Vietnam openingits door to foreign investors, the FDI sector has become an important part ofthe economy.
To date, the countryhas attracted nearly 26,000 projects with registered capital of 326 billionUSD. Disbursement is estimated at 180 billion USD.
Foreign investmentaccounts for 25 percent of the country’s total investments and contributes 20percent of GDP. Last year, the sector contributed nearly 8 billion USD to theState budget, 14.4 percent of total revenue.
At present, 58 percent of foreign investments focus on processing andmanufacturing, generating half of industrial production value.-VNA
VNA
