The first 11 months of 2017 witnessed a boom in foreign investment in Vietnam, which surged up 53.4 percent year on year to reach 33 billion USD of new capital, according to the Foreign Investment Department under the Ministry of Planning and Investment.

Foreign investment increases in 11 months (Source: hanoimoi)

The amount includes capital poured into newly licensed and existing projects and share purchase. The figure is expected to reach 35 billion USD by the end of the year, surpassing the yearly target. 

Around 16 billion USD has been disbursed in the 11-month period, up 11.9 percent year on year. 

Disbursement of foreign capital is also expected to reach a record high at about 17.5 billion USD for the entire year.

According to Minister of Planning and Investment Nguyen Chi Dung, foreign investment is expected to maintain the momentum of this year to fare well in 2018. He attributed the increase to the good GDP growth and efforts made by the Government and localities to improve the investment climate.

Meanwhile, Dr. Can Van Luc, senior consultant of the Board of Chairmen of the Bank for Investment and Development of Vietnam, said positive economic growth, macro-economic stability in 2017 and impacts by economic exchange activities in the framework of the Vietnam APEC Year 2017 all will serve as positive factors to help the country attract more foreign investment in the time to come.

He also took note of the Government’s plan to boost foreign investment promotion next year, with focus on the key markets, namely the US, EU members, Japan, the Republic of Korea, and members of the free trade agreements Vietnam has signed.

Capitals sourced by big partners will continue growing thanks to the market room, favourable geographical conditions, developed infrastructure, and taxes preferences, Luc commented.

Most of the foreign investment capital has been poured in construction, transport, energy, real estate, and tourism projects.

Vietnam always welcomes and encourages foreign investment, Prime Minister Nguyen Xuan Phuc affirmed at the recent 2017 Vietnam Business Forum.

The Government and localities are adjusting and developing the legal framework in line with international practice to facilitate foreign investment, he reiterated.

At the same time, Vietnam will conduct checks to timely detect and handle ineffective, dishonest and polluting projects and activities, he added.-VNA