Downturn clouds $1.5b FDI target

Deputy Director of the capital's Department of Planning and Investment Nguyen Van Tu has said it would be difficult to meet the target of attracting US$1.5 billion of foreign direct investment (FDI) this year due to the economic downturn.

The municipal authorities targeted this year to lure the same amount of FDI capital as last year, which will help the city to rank among the country's three leading FDI attractive destinations. The city's FDI attraction last year was positive with a total registered capital of $1.5 billion.

To attract more FDI, the city would continue to support the business community and speed up the improvement of administrative procedures to save time for businesses.

Tu said besides making public investment-related information transparent, the city would also expect to make a leap in land clearance to ease businesses in production sites.

According to the capital's General Statistics Department, the city has so far attracted 245 FDI projects totalling a registered capital of $3.6 billion.

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