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Vietnam may attract US$25 billion in FDI in 2009

In Vietnam Economy on October 25, 2009 at 5:34 pm

Vietnam may attract US$25 billion in FDI in 2009

QĐND – Sunday, October 25, 2009, 20:49 (GMT+7)

The country is forecast to attract US$25 billion in foreign investment in 2009, US$5 billion more than the set target, said Deputy Minister of Planning and Investment Cao Viet Sinh.

The forecast was based on FDI attraction in the first nine months of the year, which hit US$12.54 billion, and three newly-licensed projects valued at over US$7.8 billion.

The largest project is to build the Dragon Beach Resort in Dien Ban district, in the central province of Quang Nam, by the two US companies Tano Capital LLC and Global C&D Inc. The project includes an eco-tourism complex with entertainment, convention and international trade centres, at a total capitalisation of US$4.15 billion.

The second project is for the building of the Nhon Trach urban area in the southern province of Dong Nai worth US$2 billion by Malaysia’s Berjaya Land Bhd. It is the biggest foreign-invested project in Dong Nai so far.

The other project is the building of a ‘creative city’ by the US group Galileo Investment in the south central province of Phu Yen. The first phase of the project costs US$1.68 billion.

According to the Ministry of Planning and Investment, despite FDI attraction in 2008 hitting a record high of US$71 billion, the set target for 2009 was low in anticipation of the impact of the global economic slowdown.

Addressing the Vietnam-Korea Economic Cooperation Forum in Hanoi on October 21, Deputy Minister Sinh said that Vietnam’s FDI attraction is evidence of global economic recovery and investor trust in the country’s investment environment.

Of the FDI capital, US$7.2 billion was disbursed, equal to 90 percent of the same period last year.

Source: VietNamNet/VNA

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