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Foreign investment still unclear (03/05)

06/08/2010 - 133 Lượt xem

Can we predict that 2006 will be a busy year in attracting foreign investment?

With the investment licence granted to Intel, foreign investment attraction in the first three months of the year was quite satisfactory. This confirms the prosperity of foreign investment this year, though this is just the initial result.

From now to the year’s end we may see more major projects arise, but licences are dependant on many factors. In general there are still many challenges and obstacles, especially in licensing big projects. During the evaluation process, we often receive different opinions.

Actually, if big projects currently under evaluation such as the Van Phong Port, the steel complex in Vung Ang or oil refinery No.2, and other projects besides, are licensed smoothly, we will maintain growth in foreign investment attraction this year.

Has the application of two laws, the Enterprise and the new Investment Law, created any momentum for foreign investment?

The two new laws deal with the shortcomings of current laws while also opening regulations. They will open many new opportunities for foreign investors, for example in the establishment of new enterprises and business registration.

Are we paying special attention to Japanese investors?

There are many strong signals from Japanese investors. Japanese interests have suggested continuation of the second phase of the Vietnam – Japan joint initiative on investment climate improvement for another 1.5 years to fulfil the remaining tasks of the first phase.

Groups of Japanese companies have toured Vietnam, confirming their basic interest. I think in 2006 Japan will be still one of the top investors in Vietnam.

Apart from Japan, American investors also express their attention, especially after the Intel event. What is your comment?

For US investors, the licence for Intel has special meaning. Two years ago we established the Intel working group under the government and began preparing for this. The licence for Intel will have a pervasive impact, attracting other investors to Vietnam. Initially Intel wanted to invest the Hoa Lac Hi-tech park in Hanoi, but finally they went with an HCM City location, and while we would have preferred the Hanoi location, their investment is still very positive.

American investors often want to participate in large scale infrastructure projects. Such projects require long periods of preparation, and these are often projects with very specific requirements. I think that for American investors, they are still in preparation time for investment in Vietnam. For example, Intel prepared very carefully, and it was not until early this year that they submitted investment documentation.

Besides attracting direct investment, indirect investment is also another focus. However, has the policy to equitise foreign-owned enterprises fallen short of expectations?

We have recently had a meeting to review this issue. The joint working group on equitisation also worked with eight foreign-invested companies which have decided to equitise. We are reviewing the policy, and specifically looking at conditions for equitisation and current legal regulations on this issue.

Some said that our regulations are too strict. The common viewpoint is that we will continue under this form to raise more capital within our economy. The experimental phase has finished and enterprises that want to equitise are awaiting approval.

Source: VNECONOMY