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Foreign firms expand investment in Vietnam

HANOI - Foreign corporations have continued to expand their investments in Vietnam by more than US$1.14 billion above their projects' initial registered investments this year.

The capital inflow has doubled last year's rate and makes up half of Vietnam's total foreign investment this year to date.

According to the Ministry of Planning and Investment (MPI), five out of the 267 expanding projects have raised their investment capital by more than $50 million (VND789 billion).

The Chinfon Cement Company's project in the northern city of Hai Phong financed the largest funding increase, with $161 million or 62.3% over its initially registered capital.

Revenue and export value for foreign invested enterprises in the year to September have seen a 34% rise over the same period last year.
Their export turnover reached $5.58 billion, making up one-third of the country's total export earnings.

With more and more companies investing in Vietnamese enterprises and resources, the ministry says it will update its three-year-old list of projects requiring investment because it no longer reflects the available projects.

The MPI is considering licenses for a number of foreign invested projects with registered investments of up to $2 billion, excluding those that are under the jurisdiction of provincial, industrial zone or emergency planning zone authorities.

Moreover, the ministry said its $3.3 billion foreign investment target is within reach this year.

(Asia Pulse/VNA)


Sep 21, 2004


 
         
         
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