FDI hits record of 45 billion USD in seven months

Hanoi (VNA) - Vietnam attracted record 45.28 billion USD in foreign direct investment (FDI) in the year's first seven months, a four-timeyear-on-year increase, according to the Ministry of Planning and Investment (MoPI).

During the period, the total registered investment capital for the new 654 projects was 44.49 billion USD. The remaining 788.6 million USD went to 188 current projects.

The largest investment came from Brunei 's New City group which invested 4.3 billion USD in a new urban area in central Phu Yen province, as well as a joint-venture among PetroVietnam, Vina SCG Chemical and Thai Plastic to build a 3.77-billion-USD Long Son oil refinery in southern Ba Ria-Vung Tau province.

A 3.5-billion-USD in a university urban area in Ho Chi Minh City with investment by Malaysian Berjaya Leisure company also ranked high on the list.

Taiwan remains Vietnam's largest investor with 82 projects totallyworth 8.4 billion USD, representing 18.9 percent of regitered capital. It is followed by Japan with 65 projects valued at 7.2 billion USD, Malaysia with 28 projects worth 5.07 billion USD, Brunei with 14 projects capitalised at 4.3 billion USD, Canada with 4 projects worth 4.2 billion USD and Singapore with 48 projects valued at 4.02 billion USD.

FDI attraction in the first seven months doubled the figure of 2007 (21.3 billion USD), demonstrating foreign investors' trust in Vietnam's investment environment, despite the impacts of high inflation and price fluctuations on foreign investment activities, according to the Department of Foreign Investment of the MoPI.

The achievement was also attributed by combined efforts made by relevant ministries, agencies and localities in investment promotion.

In order to draw more foreign investment, the country should continue to improve legal system, administrative procedures and state management, the department said