ONE HUNDRED AND NINETY FDI PROJECTS LICENSED IN LAST NINE MONTHS
In the first nine months of this year, 190 foreign invested projects capitalized at more than USD 512 million were licensed for operation across the country.
With an additional investment of USD 210 million registered by on-going projects involving foreign direct investment (FDI), the total FDI flowing into the country in the first nine months reached more than USD 722 million.
In short, there are currently 2,501 foreign invested projects with a combined capital of USD 35.62 billion still valid.
Among FDI projects awaiting licenses for operation, there are a number of major projects, including the Nam Con Son gas pipeline, two paper pulp plants in Long An southern province and Quang Binh central coastal province, and some steel rolling plants. So, FDI is expected to rise to USD 2 billion by the end of this year.
In an effort to improve the local investment environment, the Ministry of Construction is likely to release a guideline on issues related to the management of FDI construction, including the evaluation of zoning, architectural and technical designs, and construction quality standards.
The State Bank is finalizing a circular on the management of foreign exchange for FDI businesses. The document, which is to come out soon, aims to remove outdated rules and other obstacles to the operations of foreign investment enterprises and commercial banks. It will explain articles in the revised Foreign Investment Law that govern the opening and use of bank accounts in foreign currencies at home and abroad, foreign exchange operations, and remittances of investment capital in and out Viet Nam.
The Finance Ministry is expected to update soon some legal documents and decisions relating to the leasing of land, water surface and sea surface relevant to foreign investment enterprises. The decisions will also cover finance-related issues and the implementation of the local accounting system in foreign investment enterprises.
In an effort to tackle problems and petitions raised by enterprises, mostly those with foreign investment, in the shortest possible time, the Ministry of Planning and Investment has set up an inter-ministry team of experts chaired by Nguyen Nhac, former Deputy Minister of Planning and Investment, to take charge of the work.
Experts have pointed to the urgent need to publish development masterplans for each and every industry and economic sector as well as to intensify the lobbying of world economic giant for foreign investment