Viet Nam attracted some US$350 million in foreign direct investment (FDI) this month, said the Foreign Investment Department (FID).
|The automotive industry is proving to be one of the most attractive industries in Viet Nam for FDI (Photo: T.C.)|
Of that figure, US$305 million came from 29 FDI projects that had been licensed only weeks ago. The remainder came from additional investment in existing projects.
Japan topped the list with US$100 million invested in building the new Ho Xuong Rong residential zone in the northern province of Thai Nguyen.
According to the FID, the number of investors seeking business opportunities in Viet Nam is increasing. The Hon Hai Precision Industry of Taiwan is currently surveying areas in northern Bac Ninh province where it plans to invest billions of dollars (US) in a hi-tech electronic production facility.
Other localities are currently considering license applications for other large-scale projects such as Rockingham Corp’s US$1 billion Phu Quoc Island resort project and SHS Iron & Steel Co.’s bid to create a manufacturing facility in Ha Tinh Province.
In all, Vietnam hopes to attain US$11 billion worth of FDI in 2007. Phan Huu Thang, Head of the Ministry’s Foreign Investment Department, said the target is achievable thanks to improvements to the country’s business climate.