The Hanoitimes - Administration of foreign direct investment should be improved at the local and provincial levels to boost the quality of projects, says an official from the Foreign Investment Agency.
Do Nhat Hoang, head of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, said one measure to improve the quality of FDI activities would be to boost the quality of available statistics and information from cities and provinces about their FDI projects.
Every month, the agency used statistics and information from cities and provinces to write reports to submit to the Government to set plans for attracting future FDI, Hoang said.
However, sometimes the cities and provinces did not update their figures and information each month, he said. Meanwhile, the national legal system did not have provisions to penalise authorities for delays in information updates.
In addition, cities and provinces should also take care in choosing FDI projects in order to ensure good conditions for project-related activities, Hoang said.
Recently, some FDI project officials complained about the lack of electricity for their operations, he said. Local authorities should carefully consider local conditions to ensure they could meet the demands for all FDI projects, especially those that used a lot of electricity.
This year, the nation expected to attract a total of US$20 billion in registered FDI and $11-11.5 billion in FDI disbursement, Hoang said, adding that these numbers represented only a slight change over total registered FDI of $18.59 billion and total disbursed FDI of $11 billion in 2010.
Phan Huu Thang, director of the Centre for Foreign Investment Study (CFIS) under the University of Economics and Business at the Viet Nam National University, agreed with the State's FDI expectations for this year and added that the similarity between this year and last year was because traditional investors such as South Korea, the US, the EU and Taiwan were closely managing their foreign investments as they were in the process of economic recovery.
Thang said attracting FDI had entered a new stage that required high quality, efficiency and suitable targets that were also environmentally sustainable.
Viet Nam should also quickly solve obstacles, including lack of electricity, human resource and service infrastructure, to attract more FDI, Thang said.