Ministry reserved on FDI targets

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SaigonTimes English - 37 month(s) ago 11 readings

HCMC – The Ministry of Planning and Investment has turned more reserved towards foreign direct investment targets this year, aiming for only US$15-16 billion in new project attraction and some US$10-11 billion in disbursement.

Ministry reserved on FDI targets

By Quoc Hung - The Saigon Times Daily

HCMC – The Ministry of Planning and Investment has turned more reserved towards foreign direct investment targets this year, aiming for only US$15-16 billion in new project attraction and some US$10-11 billion in disbursement.

The FDI disbursement target set for this year is equivalent to the result in 2011, worth US$11 billion, announced by the planning ministry last Friday. Though this result fails to meet the initial goal of US$11.5 billion, it is still deemed a success given the global and local economic woes last year, said the Foreign Investment Department under the planning ministry.

The planning ministry will not lay strong emphasis on fresh capital registration in 2012, as it already failed to woo foreign investors last year with only US$14.7 billion committed, equal to 74% of the figure in 2010 and far behind the year’s target of US$20 billion.

This year, the ministry will be more focused on FDI disbursement. In addition, the ministry will focus on granting certificates for projects with high feasibility and practicality for socio-economic life.

FDI capital will be prioritized for infrastructure, green industry, supporting industries, high technology, personnel training and other fields that create connectivity with other economic sectors.

The Foreign Investment Department said there was a positive change in the proportion of FDI attraction, with the registered investment capital in manufacturing sector surging from 54.1% of the total in 2010 to 76.4% last year while that in the property sector plunged deeply from 34.3% to 5.8%.

The export of FDI sector, including crude oil, is estimated to reach US$54.5 billion in 2011, rising 39.3% year-on-year and accounting for 59% of the national export turnover.

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