Vietnam-the next Asian Tiger? Message Board

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Strategies & Market Trends : Vietnam-the next Asian Tiger?

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From: Mannie	12/27/2006 12:52:52 PM
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Vietnam raises FDI target Vietnam has sharply revised upward its foreign direct investment (FDI) target, buoyed by an optimistic economic forecast and other factors. The Ministry of Planning and Investment said the new target would be US$9.2 billion, 34 percent more than originally hoped for, around $7 billion into new projects and the rest into ongoing ones. Also influencing the revision were plans for some giant projects like the $3 billion Nghi Son Oil Refinery in the central Thanh Hoa Province. Jonathan Pincus, a UN economist, said Vietnam’s WTO entry would offer more investment opportunities to foreign enterprises. Minister of Planning and Investment Vo Hong Phuc said the government’s central task in 2007 would be to effectively enforce laws to make the business environment more friendly. The government was focusing on administrative reform, fighting corruption, and other measures to bolster the country’s competitiveness as an FDI destination. It would encourage investment in information technology, electronics, biotechnology, and agro-forestry and seafood processing.

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