FDI makes positive contributions to industry
08/02/2008 12:09 am
UB.News/Hanoi - Foreign
direct investment played an essential role in helping the country’s
industrial sector keep up a high growth for many consecutive years,
Deputy Minister of Trade and Industry Do Huu Hao has stated.
According to the Ministry of Planning and Investment’s Foreign Investment Department, by the end of 2007, the industrial sector had 5,294 valid FDI projects valued at 44.7 billion USD, making up 55.7 percent of the number and 45.6 percent of the value of foreign investment in Viet Nam .
Foreign-invested enterprises’ share in the country’s industrial production value increased from 25 percent in 1995 to 36.4 percent in 2006 and 43.8 percent in 2007.
Foreign-invested businesses have become involved in almost all industrial areas, producing 63 percent of the national motorised vehicle output, 60 percent of rolled steel output, 76 percent of the output of precision medical equipment, 55 percent of fibre and 49 percent of leather shoes.
As a result, the foreign-invested sector has helped push up industrial exports. Industrial products made up 74.4 percent of exports in 2007 as against 18.7 percent in 1985. At present, Vietnamese goods, including 20 major industrial products, are exported to over 100 countries and territories.
The FDI businesses’ rapid growth has ignited a competition in the industrial sector, forcing domestic players to accelerate their restructuring and reform. On the other hand, many domestic enterprises have benefited from their cooperation with foreign-invested enterprises, particularly in the form of technology transfer, paving the way for them to become reliable suppliers of multi-national firms.
The expansion of foreign-invested businesses also helped train a contingent of skilled workers for Viet Nam .
In order to attract more foreign investment in industry, the government is continuing to adjust the legal system in the direction of creating a more transparent investment environment, strengthening intellectual property protection and eliminating all discriminations.
Priorities will be given to investors in high technology industries, subsidiary industry and projects using sourced technology and technology transfer.-
According to the Ministry of Planning and Investment’s Foreign Investment Department, by the end of 2007, the industrial sector had 5,294 valid FDI projects valued at 44.7 billion USD, making up 55.7 percent of the number and 45.6 percent of the value of foreign investment in Viet Nam .
Foreign-invested enterprises’ share in the country’s industrial production value increased from 25 percent in 1995 to 36.4 percent in 2006 and 43.8 percent in 2007.
Foreign-invested businesses have become involved in almost all industrial areas, producing 63 percent of the national motorised vehicle output, 60 percent of rolled steel output, 76 percent of the output of precision medical equipment, 55 percent of fibre and 49 percent of leather shoes.
As a result, the foreign-invested sector has helped push up industrial exports. Industrial products made up 74.4 percent of exports in 2007 as against 18.7 percent in 1985. At present, Vietnamese goods, including 20 major industrial products, are exported to over 100 countries and territories.
The FDI businesses’ rapid growth has ignited a competition in the industrial sector, forcing domestic players to accelerate their restructuring and reform. On the other hand, many domestic enterprises have benefited from their cooperation with foreign-invested enterprises, particularly in the form of technology transfer, paving the way for them to become reliable suppliers of multi-national firms.
The expansion of foreign-invested businesses also helped train a contingent of skilled workers for Viet Nam .
In order to attract more foreign investment in industry, the government is continuing to adjust the legal system in the direction of creating a more transparent investment environment, strengthening intellectual property protection and eliminating all discriminations.
Priorities will be given to investors in high technology industries, subsidiary industry and projects using sourced technology and technology transfer.-
Source: VNA
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