Viet Nam Lures Record FDI in 2005

Foreign direct investment (FDI) into Viet Nam in 2005 is estimated to reach US$6 billion, about US$1.5 billion higher than the year’s target, said Mr. Phan Huu Thang, head of the Ministry of Planning and Investment’s Foreign Investment Department.

Zamil Steel breaks ground for its second pre-engineered steel buildings factory in  Bien Hoa City in September 2005 (Photo: Tuong Thuy)

Viet Nam has welcomed about 800 foreign-invested projects this year, he said on December 27. Efforts by the Vietnamese government in general and provinces in particular have improved the business climate, thus luring more FDI.

More than 50 among the world’s 500 largest companies are now doing business with their projects in Viet Nam, according to Mr. Thang. Many of them come from Japan, South Korea and Taiwan.

Also this year, foreign-invested enterprises have paid US$1.29 billion in tax, equal to 12% of the total tax payments in Viet Nam. The country expects to attract more than US$6 billion in FDI in 2006.

By Nam Quoc-Translated by Tuong Thuy

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