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FDI sector grows significantly
Date: 2/1/2018 2:01:26 PM
The FDI sector attracted nearly US$22 billion and achieved a trade surplus of nearly US$13.9 billion, significantly contributing to the development of Vietnam’s economy in 2013. However, the FDI sector would contribute more if shortcomings in FDI attraction and disbursement had been improved.

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According to the Foreign Investment Agency (the Ministry of Planning and Investment), in 2013, Vietnam attracted more than 12,000 new FDI projects and nearly 500 projects added its capital with total newly registered and added capital of nearly US$22 billion, an increase of 69 percent compared to the figure of US$13.013 billion in 2012. Vietnam’s FDI attraction in 2013 increased by 57 percent compared to the target of US$13-14 billion set out by the Foreign Investment Agency.
 
According to the Ministry of Planning and Investment’s General Statistics Office Director Nguyen Bich Lam, a strong increase in FDI helped total social investment capital in 2013 reach about 30.44 percent of GDP, an increase of seven percent compared to 2012.
 
Together with FDI attraction, FDI disbursement in 2013 reached US$11.5 billion, an increase of 9.9 percent compared to 2012, higher than an increase of 7.3 percent and 5.6 percent in the state and non-state sectors respectively.
 
Not only significantly contributing to the economy through FDI attraction and disbursement, the FDI sector also contributed to Vietnam’s economy in 2013 through export-import activities.
According to the General Statistics Office’s data, Vietnam’s export turnover in 2013 reached an estimated US$132.2 billion, an increase of 15.4 percent compared to 2012. In particular, export turnover in the state and private sectors reached US$43.8 billion, an increase of 3.5 percent and the FDI sector (including crude oil) reached US$88.4 billion, an increase of 22.4 percent compared to 2012. Export turnover of the FDI sector excluding crude oil reached US$81.2 billion, an increase of 26.8 percent compared to 2012. As a result, the FDI sector accounted for 66.9 percent of Vietnam’s total export turnover. Nguyen Bich Lam said that Vietnam’s export growth in 2013 greatly depended on the FDI sector.
 
Vietnam’s import turnover in 2013 reached an estimated US$131.3 billion, an increase of 15.4 percent compared to 2012. In particular, import turnover in the state and private sectors reached US$56.8 billion, an increase of 5.6 percent and the FDI sector reached US$74.5 billion, an increase of 24.2 percent compared to 2012. The FDI sector accounted for 56.7 percent of total import turnover in 2013.
 
The FDI sector achieved a trade surplus of nearly US$13.9 billion (including crude oil). In particular, the state and private sectors achieved a trade deficit of US$13 billion. In general, Vietnam achieved a trade surplus of nearly US$900 million. 2013 was the second year Vietnam’s exports exceeded its imports.
Five solution groups
 
Minister of Planning and Investment Bui Quang Vinh said that in the context of the global crisis and domestic economic difficulties, the FDI sector significantly contributed to an increase in total social investment capital and import-export activities. This was a success of Vietnam.
 
However, the FDI sector would contribute more if shortcomings in FDI attraction and disbursement had been improved, reflecting through the weakness of the infrastructure system, poor quality human resources, undeveloped support industries, unimproved institutional issues, inconsistent policies and complicated administrative procedures. These shortcomings were admitted by Minister of Planning and Investment Bui Quang Vinh.
 

The Ministry of Planning and Investment launched five solution groups, including perfecting the legal system related to FDI attraction towards consistency, openness, transparency, predictability; adjusting some principles in investment; completing criteria for granting investment certifications; renewing investment promotion activities; and strengthening inspection and supervision of investment activities. The ministry also provided solutions to create favorable conditions for foreign-invested enterprises in order to timely resolve difficulties./.    

(Source:VEN)
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