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Foreign investors are accelerating investment project disbursement, signaling a brighter outlook for foreign direct investment this year. Statistics from the Ministry of Planning and Investment show that disbursed capital at foreign-invested projects last month was $700 million, bringing disbursed capital in 2010’s first two months to $1.1 billion.
Many more spectacular projects are tipped to colour the foreign investment landscape this year
The two-month figure was a 10 per cent increase on-year, “a good rise” as described by the ministry’s Foreign Investment Agency (FIA).
Tran Thanh Binh, deputy director of Ba Ria-Vung Tau province’s Department of Planning and Investment, said the global economic recovery had lifted investors, inspiring them to kick-off registered projects.
“Many investors have promised to embark on constructing projects this year. I think the disbursement of foreign direct investment (FDI) will be better than past years,” he said. Binh estimated the province’s disbursed capital could reach $1 billion in 2010 against 2009’s $900 million.
Ba Ria- Vung Tau is one of the most attractive places for FDI in Vietnam. Last month, the province granted investment certificates to 10 FDI projects worth $924 million. Disbursement is also expected to rise in northern Haiphong this year. Dan Duc Hiep, vice chairman of the city’s people’s committee, said Haiphong’s FDI disbursement could hit nearly $300 million, or more than 60 per cent of registered capital in 2010. Last year, the ratio was 45 per cent.
In January, Vietnam-Singapore Industrial Park and Township Development Joint Stock Company broke ground at its giant integrated industrial park and township in Haiphong. Hiep said the project would lure many foreign investors to the city.
Vietnam’s FDI disbursement was $10 billion in 2009, a 13 per cent drop against 2008. The tally in 2007 was $8 billion. According to the FIA, the disbursement could hit $11 billion this year.
“Vietnam is still an attractive place for foreign investors and the drop in disbursement last year was caused by the global economic recession. Now, investors are resuming their projects here,” said Professor Nguyen Mai, chairman of Vietnam Association of Foreign Invested Enterprises.
For example, Taiwan’s Guang Lian Steel Vietnam Company announced it would start the construction of its $3 billion steel project in Quang Ngai province. Winvest LLC, also planned to break ground on its $4 billion Saigon Atlantis tourism project in Ba Ria-Vung Tau this year.
(VIR)
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