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Foreign invested real estate projects to face greater scrutiny
Director of the Foreign Investment Agency under the Ministry of Planning and Investment Do Nhat Hoang spoke to Dau Tu (Investment) newspaper about disbursement of foreign direct investments.
How was last year's FDI disbursement?
By December 21 last year, FDI enterprises had disbursed US$11 billion in investment projects, a 10 per cent increase compared with 2009. Such figures reveal FDI projects had achieved the set disbursement goals.
Regarding FDI attraction, last year saw 969 new projects being granted investment licences worth a total registered capital of $17.23 billion. Total registered capital, including additional investment, amounted to $18.59 billion the same year, equal to 82.2 per cent compared with 2009. These figures also showed that more prudent decisions had been made when licensing FDI projects.
But new FDI committed capital continued to be poured into real estate. What is your assessment of the situation?
The Ministry of Planning and Investment licensed a real estate trading project worth $4 billion last December. That decision meant real estate became the highest segment to attract committed capital of $6.84 billion, accounting for 36.8 per cent of total FDI registered capital. Prior to that, FDI projects in real estate were much lower.
However, foreign investors mainly remained interested in processing and manufacturing. By November last year, foreign direct investment poured into this segment meant that it was the most popular category for FDI. Statistics showed total registered capital poured into these areas totalled $5.1 billion, accounting for 27.3 per cent of total FDI registered capital. It is clear that high and regular FDI capital still poured into processing and manufacturing. This trend will continue this year.
How will Viet Nam attract FDI this year?
FDI attraction will be more selective, with focus given to attracting high-tech, clean technology projects and those projects which are able to turn out competitive products, export products and projects serving the development of support industries.
Projects which have an adverse impact on security and national defence, the environment, projects with small registered capital but large land use needs, gigantic real estate projects, projects designated to exploit natural resources, projects with outdated technology and without deep processing process and those projects with high energy consumption will be scrutinised in accordance with the law or will be refused a licence.
Not least, we will focus on inspecting the implementation of licensed projects in progress this year. We will also ask authorised offices to strictly punish or even revoke licences from projects which occupy large areas of land but are slow in their implementation.
With high expectations of a global economic recovery and determination to improve the Vietnamese investment environment, FDI disbursement is expected to increase this year. As scheduled, between $11 billion and $12 billion will be disbursed this year. Of which, foreign countries will invest around $8-9 billion.
About $20 billion in FDI registered capital is forecast to be poured into Viet Nam, an increase of 11 per cent compared with 2010.
VietNamNet, VietNamNews
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