A production line of Samsung Electronics Vietnam at Yen Phong industrial park (Photo: VNA)
Hanoi (VNA)🧔 – Nearly 3.5 billion USD of foreign direct investment (FDI) was pumped into industrial and economic parks nationwide in the first four months of 2016, with the number expected to increase to 11 billion USD by year’s end.
The country granted investment licenses to over 230 FDI projects with a total registered capital of more than 2.79 billion USD and allowed 165 projects to increase capital by nearly 700 million USD, according to the Ministry of Planning and Investment.
Along with FDI projects, industrial and economic parks also attracted nearly 350 domestic ones worth 8.5 trillion VND (382.5 million USD), mainly in high-quality apparel products and support industries for mechanics and textiles.
Ho Chi Minh City and Dong Nai province attracted signifcant investments.
The ministry’s Department for Economic Zones Management anticipates industrial parks will lure about 9 billion USD in FDI and 50 trillion VND (2.25 billion USD) in domestic investment in industrial parks, raising the total amount of foreign and domestic investment to around 109 billion USD and 600 trillion VND (27 billion USD) by the end of 2016.
Economic zones are expected to draw about 2 billion USD in FDI and 35 trillion VND (1.57 billion USD) in domestic investment, increasing the total foreign and domestic investment in economic zones to 44 billion USD and 600 trillion VND by the year’s end.
FDI continues to pour into industrial and economic parks, accounting for nearly 70 percent of the country’s total foreign investment, the department said.
However, to achieve the goals, it is necessary to speed up the implementation of technical infrastructure projects and revise some regulations regarding corporate income tax, land lease prices, and businesses’ financial obligations.
Evaluating environmental impacts is equally important before granting investment licenses to businesses, the department said, proposing the building of a large-scale and internationally-competitive special economic zone.
As of April 2016, the country had 310 industrial parks, 217 of which came into operation, spanning over 58,000 hectares with nearly 70 percent of filled land sites. Sixteen economic zones were set up on an area of 814,792 hectares.-VNA
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A production line of Samsung Electronics Vietnam at Yen Phong industrial park (Photo: VNA)
