11:24 | 19/05/2014 Economy
(VEN) - Although foreign direct investment (FDI) in the first four months of this year is just 59.1 percent of that in the same period last year FDI in 2014 is not expected to be lower than 2013, according to Minister of Planning and Investment Bui Quang Vinh.
Minister of Planning and Investment Bui Quang Vinh said that a number of large FDI projects are being negotiated and will likely be signed in 2014
According to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA), Vietnam attracted an additional US$4.855 billion in FDI in the first four months of 2014, 59.1 percent of that in the same period of 2013.
While many predict that FDI in 2014 would be much smaller than 2013, Minister of Planning and Investment Bui Quang Vinh told Vietnam Television in early May that FDI in 2014 would not decrease compare to 2013. The minister said that although FDI in the first months of 2014 had been smaller than the same period in 2013 it doesn’t reflect the actual trend for the whole year. He said that FDI skyrocketed in the first months of 2013 due to two giant projects – the Nghi Son oil refinery project in Thanh Hoa Province that increased its capital by US$2.8 billion and the Samsung Group's US$2 billion-plus project in Thai Nguyen Province.
According to the Foreign Investment Agency, Vietnam attracted an additional US$22.35 billion in FDI in 2013, up 35.9 percent from 2012.
Vinh said that a number of FDI projects are being negotiated and would likely be signed soon so FDI in 2014 may well not be any lower compared with 2013.
It is said that the PTT Public Company Limited from Thailand intended to launch a US$27 billion Nhon Hoi Oil Refinery project in the Nhon Hoi Economic Zone in Binh Dinh Province and the Exxon Mobil from the US intended to launch a US$20 billion gas and electricity project in Quang Ngai Province. If one of these projects is signed, FDI in 2014 will be by no means inferior to 2013.
Minister of Planning and Investment Bui Quang Vinh said that Vietnam is a developing country so its investment climate needs to be improved and the legal framework is being improved. Vietnam is amending its investment law and enterprise law while accelerating equitization of state-owned enterprises and economic restructuring to attract more big FDI projects. These efforts will help make the Vietnamese investment environment more attractive in the eyes of foreign investors./.
By Nguyen Hoa