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FDI lower in 2010, but spending up
For 2010, the amount of registered foreign direct investment (FDI) declined compared to the last several years, but disbursement of FDI rose. In HCM City, around US$1.17 billion of registered FDI valued at $1.82 billion was disbursed in 2010.
"The high proportion of disbursement was because two-thirds of the projects had an intermediate level of capital and were focused on production, manufacturing and retail services," said Lai Van Vuong, Deputy Head of the municipal Investment and Planning Department's Investment Registration office.
Meanwhile, the neighbouring province of Dong Nai gained significant results, with 62 expanded projects worth a total of $888 million.
In addition, although the number of new FDI projects was only half of those in 2009, with a total of $1.5 billion, all 41 projects were of a small size, under $7 million each, and easy to be deployed.
"Last year, we disbursed $800 million, an increase of 12.5 per cent in comparison with 2009. Of that, $520 million went to industrial parks, where many big enterprises like Japan's Toshiba and Germany's Robert Bosch had recovered after the global financial crisis and began expanding their operations," said Nguyen Luc Hoa, Deputy Director of Dong Nai's Planning and Investment Department.
The expanded capital in Binh Duong Province was $268 million of a total of $388 million in FDI.
Along with the increased quality of capital, these provinces have strongly promoted the inspection and oversight of proposed FDI projects.
HCM City, for example, decided to withdraw business licensces of 40 delayed real estate projects, while Dong Nai stopped operations of 35.
In Ba Ria – Vung Tau Province, investors of 16 projects with total investment of $230 million voluntarily withdrew their capital.
In Binh Duong, six enterprises were asked to stop operation because of heavy pollution, and 41 others were placed on a black list for the same reason.
This year, only HCM City has set a target of $1.5 billion for FDI; Dong Nai's goal is $2 billion.
Other southern key economic provinces expect several hundred million dollars for FDI.
"Binh Duong will not provide any business license for enterprises working outside industrial parks, except for real estate, retail, services and construction," said Le Viet Dung, Deputy Director of Binh Duong's Planning and Investment Department.
"Binh Duong does not and will not attract FDI just by paying any price. We will focus on the quality of investment," Dung added.
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