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Big developments boost Vietnam by billons
The total foreign direct investment (FDI) may reach $20 billion in October, which means that the FDI attraction plan target is met two months early.
The worry about the possible failure of attracting FDI in 2009 due to the impact of the global economic crisis has been lifted after local newspapers reported investment commitments in big multi-billion dollar projects.
Dragon Beach Resort projects in the central province of Quang Nam by Tano Capital LLC and Global C&D Inc has just received approval from the Quang Nam People’s Committee. The project has the total investment capital of $4.15 billion.
In the southern province of Dong Nai, the Nhon Trach project - a new urban area by Malaysian Berjaya Group has received an investment license with the registered capital of two billion dollar.
This is the biggest ever real estate project in Dong Nai province. Located in the area of 600 hectares, Nhon Trach new urban area will become a satellite city near Long Thanh international airport, which, in the near future, will be the biggest airport in Vietnam.
The two big investment projects alone would be enough to raise the total registered FDI capital to $18.65 billion. Meanwhile, the figure announced by the Ministry of Planning and Investment on September 20 was $12.541 billion.
Meanwhile, the Phu Yen People’s Committee has promised to grant investment license to the US Galileo Investment Group’s Nam Tuy Hoa Creative City which has the investment capital of $1.68 billion in the first phase.
Chairman of Phu Yen province Pham Ngoc Chi has affirmed that all procedures have been completed and that the project will be licensed on October 24, 2009.
Recently the f $1.7 billion Vung Ro oil refinery (a joint venture of UK’s Technostar Management Ltd and Russian Telloil Group) revealed plans to increase capital and speed up investment.
Representative said investors plan to ‘go faster’ with the investment project, i.e they will try to implement all targets of the projects immediately instead of implementing gradually in three phases. It seems that the capital arrangement for the project has been going more smoothly than previously expected, and that investors want to churn out products ready for the post-crisis period.
Regarding Nam Tuy Hoa Creative City, which is expected to get a license on October 24, the project investor has committed that the project will commence just two weeks after the licensing.
Elswhere Galileo Investment Group has proposed a huge project with a total investment capital of $11.4 billion. However, Vietnamese Prime Minister Nguyen Tan Dung has decided that the licensing for the rest of project will be considered only when the first phase shows success.
VietNamNet, DT
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