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    Southeast Asia
     Jun 21, 2005
Foreign investors urged to raise funds in Vietnam

HANOI - Vietnam hopes to woo more foreign investors by allowing them for the first time to buy shares in local businesses, set up joint-stock companies and issue bonds, a senior official has said.

Phan Huu Thang, head of the Ministry of Planning and Investment's Foreign Investment Agency told the press last week that this would enable foreign investors to raise funds both in Vietnam and abroad.

He also unveiled the ministry's plan to allow foreign investors to join in partnerships offering services that require professional expertise, such as legal and financial consultation and auditing.

This form of investment was very common globally, Thang said. He also noted that consortiums might be allowed to establish companies to manage their investments and support their projects in Vietnam.

These policies, which were in the making, would help tap foreign investment potential and reduce unnecessary costs.

The Ministry of Planning and Investment also plans to put in place other measures in order to attract US$4.5 billion in new foreign direct investments (FDI). The measures would focus on speeding up the law-making process and administrative reform to meet global integration requirements such as transparency and uniform treatment for all investors.

So far this year, new measures taken by the government have helped boost economic development, particularly in the foreign-invested sector. The sector reported an 8% increase in disbursed capital to $1.5 billion in the first half of this year.

Nearly 350 projects have been licensed, and their investment of $1.9 billion represented a 2.3-fold rise. The new projects focused mainly on services and were undertaken primarily by Asian investors.

Hanoi, Ho Chi Minh City and the southern provinces of Dong Nai and Binh Duong led the way in attracting investment, accounting for 62% of the FDI this year.

Additional capital worth $867 million was allowed to be brought in for 222 existing projects, bringing total FDI this year to $2.7 billion, or 1.7 times more year-on-year.

(VNA)

 

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