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Confab targets foreign investment
Investment promotion and regional economic co-operation need to be tweaked to attract reliable foreign investments and limit risky ones, experts said.
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| A motocycle assembly line at TS Viet Nam Co Ltd, a wholly Thai invested company in the capital's Noi Bai Industrial Zone. |
Speaking at a meeting titled Southern FDI on Tuesday, Do Nhat Hoang, head of the Foreign Investment Department, also pointed out the downsides: "Investment promotion should consider our limited land availability, lack of natural resources, shortage of power, and unprofessional human resources."
In the last 5 years FDI has played a significant part in economic development.
Many localities have managed to attract FDI — like the southern provinces of Dong Nai, Ba Ria – Vung Tau and central province of Da Nang - but also suffered troubles and losses as a result.
"Local authorities must carefully consider issuing licences to avoid investors from suing the Government," he said.
Investment pledges have shrunk from US$70 billion in 2008 to $15 billion this year, but disbursement, which was worth $11 billion three years ago, has remained stable at over $10 billion this year.
"In the coming years we will focus on the disbursed rather than registered amount," he added.
Many local authorities have already reviewed existing projects and cancelled the licences of around 20 that had a total investment of $500 million.
In 2011 –15 the southern region will focus on developing regional tourism and trade, water supply, wastewater treatment, and infrastructure for economic zones along the East Sea.
HCM City has attracted nearly 4,000 projects with aggregate capital of $30 billion of which $19 billion has been disbursed. This year it licensed 367 projects with an investment of $2.1 billion.
"We will focus on high-tech and value-added services, and increase regional investment," Pho Nam Phuong, director of the city-based International Trade Promotion Centre (ITPC) said.
The conference was organised by the ITPC and the ministry of Planning and Investment.
vietnamnews
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