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FDI disbursement to hit US$12 billion in 2009
Vietnam has attracted a record high of foreign direct investment (FDI) this year, reaching US$61 billion – three times more than last year’s figure. However, there remains a big gap between the registered and disbursed amounts.
Phan Huu Thang, head of the Foreign Investment Agency under the Ministry of Planning and Investment (MPI), talked about how to narrow the gap during an interview granted to VOV.
VOV: One of our primary tasks is to speed up the disbursement of FDI capital. What do you think the MPI will do to improve the current situation?
Mr Thang: First of all, we must re-examine the implementation of FDI projects to find out the root causes of the problem. It could lie in the slow handover of land or cumbersome administrative procedures. If such are our faults, they should be rectified very soon. As far as we know, there are a large number of projects of this type. Once investors are willing to pour their investment into Vietnam, we should seize the chance and create the best possible conditions for them to disburse the capital.
VOV: The fact is that many leading economies are suffering a severe downturn. Does it affect the investors’ commitment?
Mr Thang: The impact is unavoidable. But it is good news that we have not yet received any proposals for postponement or cancellation from investors.
VOV: Has the MPI anticipated any scenarios?
Mr Thang: The issue has been discussed in many conferences over the past few months. We are in the process of finalising solutions. But one of our primary targets in 2009 is to speed up FDI disbursement.
VOV: What will the MPI do in 2009 to attract FDI to agro-forestry projects, which are in dire need of this source of capital?
Mr Thang: It is undeniable that the volume of FDI in 2008 has mainly focused on infrastructure construction and services. So we still encourage investors to put capital into agricultural projects. In 2008, we drew up an investment promotion programme for the agricultural sector.
It is essential to create a good environment for investors to get down to work, for instance, handing over land to them. Large-scale production needs a large cultivated area. In addition, we need to share setbacks with investors if they face a loss due to unavoidable circumstances.
VOV: The implementation of the local decentralisation programme has revealed weaknesses, posing high risks to regional zoning plans, particularly in investing in golf course and property projects recently. What do you think about this?
Mr Thang: To make decentralisation effective, it is necessary to finalise the zoning plan of every region and sector, perfect the legal system and train human resources. The Foreign Investment Agency will help the Government and the MPI re-examine administrative procedures and obstacles regarding decentralisation. The decentralisation programme has been carried out for two years and we need to review and introduce effective solutions.
VOV: How much FDI will be disbursed in 2009?
Mr Thang: We will try to keep the level similar to this year at between US$11-12 billion.
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