Jul 06, 2019 / 12:08

Vietnam's Politburo requires luring high-quality FDI

The Hanoitimes - Disbursement of FDI projects totaled US$9.1 billion in the six-month period, representing an increase of nearly 8% year-on-year.

The Politburo of the Communist Party of Vietnam, the supreme decision-making body in the country, is considering a resolution on perfecting the institutional framework and attracting high quality foreign direct investment (FDI) projects until 2030, the governmental portal reported. 
 
Overview of the meeting. Source: Vietnam News Agency.
Overview of the meeting. Source: Vietnam News Agency.
Secretary General of the Communist Party of Vietnam and State President Nguyen Phu Trong on July 5 chaired a monthly meeting of the Politburo discussing Vietnam’s vision to attract high quality FDI and efficient utilization of foreign capital until 2030. 

Prior to the meeting, Prime Minister Nguyen Xuan Phuc stressed the necessity to continue attracting foreign investors and supply chains looking to Vietnam as alternative destination for investment. 

Phuc said the proposal on FDI attraction being submitted to the Politburo would focus on encouraging top multinationals using modern and environmentally-friendly technologies. 

The government would set up a special panel specialized on receiving the next wave of FDI to Vietnam, and building up a set of criteria to select foreign companies investing in Vietnam. 

FDI commitments in the January – June period totaled US$18.47 billion, down 9.2% year-on-year, while disbursed FDI totaled US$9.1 billion in the six-month period, representing an increase of nearly 8% year-on-year, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment showed.

According to the agency, 1,723 new projects have been approved with total commitments of US$7.41 billion in the first six months, down 37.2% from the corresponding period last year, while 628 existing projects have been injected an additional US$2.94 billion, down 33.8% from the same period last year. 

During this period, 4,020 projects have had US$8.12 billion in capital contributed by foreign investors, up 98.1% year-on-year and accounting for 44% of total registered capital.