Wednesday, September 03, 2008

BVI in the list of Major FDI Investors in Vietnam

According to the information reported at a meeting in Ha Noi by the Ministry of Planning and Investment, during the first eight months of the year Vietnam attracted foreign direct investments on the amount of US$47.2 billion into its economy. The number of new FDI projects is down 20% from last year, however, despite high inflation and slow economic growth in the country, new FDI enterprises contributed investment capital at $46.3 billion – five times more than in the same period last year. Besides newly licensed projects, the expanded projects of foreign investors in the country provided combined additional investment of $833 million – that is 55% increase year-on-year.

So far, the neighbour country of Taiwan is the leader among 38 nations and territories investing in Vietnam's economy. Other major FDI investors are Japan, British Virgin Islands and the US, Malaysia, Brunei, Canada, Singapore and Thailand. Most of these countries, including BVI, have remained on the top list for a long time. In the official statistics of this year, earlier published by the Foreign Investment Agency of Vietnam, BVI ranked the second among foreign investors.

This time, it was admitted by representatives of foreign-invested enterprises that the Vietnamese economy was facing great challenges. They also expressed confidence that “the country would overcome these obstacles and become more attractive to international investors in the long term.”

More than 50% of new projects launched by FDI investors in Vietnam were in services industry; 48.6% went to manufacturing and construction, and the agro-forestry-fishery sector.

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