Scrutiny urged for sizable FDI projects

The Ministry of Planning and Investment has asked the Prime Minister to implement an independent evaluation of large scale foreign direct investment (FDI) projects before giving them the go-ahead.

Agencies in charge of granting investment licences will be required to submit reports to the PM and the Ministry of Planning and Investment for independent evaluation.

According to Nguyen Mai, former deputy chairman of the State Committee for Co-operation and Investment, the independent evaluation of large-scale projects was necessary to help remove projects which might have negative impacts on the economy, helping to prevent wastefulness.

A set of standards for the evaluation process will be completed to ensure the feasibility of each project.

Mai attributed the low FDI inflow into the country in recent years to the weak capacity of State management agencies as well as a lack of co-ordination among localities and between local and central levels.

The ministry last month asked localities to report on the implementation of FDI projects with registered capital of more than US$100 million or an area of over 50ha.

Statistics show that over the past 25 years, FDI capital registered in the country totalled $211 billion, but only half of that figure had been disbursed.

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