The Hanoitimes - Korean government will provide non-refundable aid of US$5.5 million to Vietnam, in addition to Vietnam`s counterpart fund of US$700,000 to develop the project in period 2018 - 2020.
The National Investment Information System (NIIS) was developed in period 2008 - 2011 by the Ministry of Planning & Investment (MPI), said Vice Minister Vu Dai Thang at the signing ceremony of the record of discussions between MPI and Korean International Cooperation Agency (KOICA) on May 3.
Consequently, the system has been put into operation since July 1, 2015. "However, due to limited financial capabilities, the system only serves basic functions, which required to be upgraded to meet current requirements," said Thang.
Korea to support Vietnam developing national investment information system.
The fund provided by Korean government, thus, will support MPI in upgrading the system comprehensively. This project is aimed to enhance MPI's capabilities in collecting, managing and analyzing national information on investment; providing public online services for investors, as well as being supporting instrument for local authorities in issuing investment certificate and managing the projects afterwards.
The project will be operated in a platform compatibility with other information system, with an aim to processing and analyzing information in an accurate and efficient manner.
Once completed, the project will serve the purpose of facilitating direct investments into Vietnam, including capital inflows from Korean investors.
Korea currently is at the top of 126 countries and territories investing in Vietnam with 6,800 projects and registered capital of US$59 billion, according to the General Statistics Office.
In the first 4 months, a total of 420 new and expanded projects from Korean investors has been approved for investment capital of over US$2.3 billion.
As at present, Vietnam has attracted US$319.9 billions of registered foreign direct investment (FDI), in which Korean investors accounted for US$59 billion, or 18.4% of total FDI to Vietnam, according to FIA's statistics.
In the first quarter of 2018, the country has attracted US$5.8 billions of FDI, with US$1.84 billions from Korea, accounting for 31.6% of total investment. Following this result, Korea is the largest investor among 76 countries and territories investing in Vietnam for the first three months of 2018.
Not only leading the list of top investors in Vietnam, a number of Korean's leading corporations such as Samsung, LG, Lotte, Hyosung, or Doosan chose Vietnam as an ideal place for investment.