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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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Vietnam, China strive for US$25 bln trade target

In Vietnam Economy on October 18, 2009 at 3:03 am




Vietnam, China strive for US$25 bln trade target


QĐND – Saturday, October 17, 2009, 19:24 (GMT+7)


Vietnam and China should take further measures to promote cooperation in economics, trade and investment and especially to balance two-way trade and raise revenues to US$25 billion in 2010.

The view was shared by Vietnamese Prime Minister Nguyen Tan Dung and Chinese Premier Wen Jiabao during their meeting on the sidelines of the 10th Western China International Trade Fair in Chingqong city, Sichuan province, on October 16.
Mr Wen welcomed Mr Dung’s visit to Sichuan province, which he said will help strengthen the strategic comprehensive cooperation partnership between the two countries, particularly cooperation between Vietnam and China’s western provinces.


Vietnam is China’s friendly neighbour and key trading partner, said Mr Wen, adding that the Party, Government and people of China attach great importance to fostering friendly and cooperative ties with Vietnam.


For his part, Mr Dung said that the Vietnamese Party and State will do their utmost to strengthen the partnership with China in line with the motto “friendly neighbourliness, comprehensive cooperation, long-term stability and future orientation”, and in the spirit of “good neighbours, good friends, good comrades and good partners.”


Both host and guest agreed that the two countries should work more closely together to organise activities within the framework of the 2010 Vietnam-China Friendship Year and increase the exchange of delegations at all levels, particularly among the youth. 


They appointed the two countries’ aviation agencies to study the opening of a direct air route between Vietnam and Chongqing to facilitate trade activities between Vietnam and China’s western provinces.


They hailed the completion of land border demarcation and landmark planting and urged relevant agencies to prepare for the signing of a protocol on the completion, an agreement on border management regulations and an agreement on bordergate management regulations by the end of this year. They also asked the designated agencies to draft and sign documents on joint cooperation in tourism in the Ban Gioc Waterfall area and the free movement of boats at the Bac Luan River mouth in 2010.


The two leaders expressed their belief that maritime issues will be eventually settled in the spirit of friendship between Vietnam and China and in line with international law, including the 1982 UN Convention on the Law of the Sea and the 2002 Declaration on the Conduct of Parties in the East Sea (DOC).


They agreed to cooperate closely to foster ties between ASEAN and China.


Mr Dung invited Mr Wen to visit Vietnam at an appropriate time and the invitation was accepted with pleasure.


Source: VOV


 


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