Minister of Planning and Investment Nguyen Chi Dung said FDI attraction laid the foundation for the development of key industries such as telecommunications, oil and gas, electronics, chemicals, steel, automobiles, information technology, footwear, textiles and garments, and food processing.

It has also played a vital role in boosting productivity and exports, he said, adding that the foreign-invested sector contributes more than 70 percent of Vietnam’s total exports.

The country has so far attracted more than 370 billion USD in FDI, of which 58 percent has been disbursed, since the Law on Foreign Investment took effect in December 1987, paving the way for FDI attraction around the country.

The report showed that, in the first eight months of the year, Singapore retained its position as Vietnam's largest foreign investor, with 6.54 billion USD, followed by the Republic of Korea (2.97 billion USD, or 15.2 percent) and China (1.75 billion USD, or nearly 9 percent).

A working group on promoting foreign investment was founded in June under a decision from the Prime Minister, led by Deputy Prime Minister Phạm Binh Minh.

It will be in charge of advising the Prime Minister on mechanisms, policies, and standards in investment cooperation as well as solutions to capture investment cooperation opportunities. It will act proactively in approaching and negotiating with large and hi-tech corporations for cooperative projects for mutual benefit.

Investment promotion activities will also be carried out to attract quality, large, hi-tech, and innovative projects that could create positive spillover effects and favourable conditions for Vietnamese companies to participate in value chains, increase added value, and improve human resources quality./.
 

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