Vietnam to upgrade investment sufficiency to reach double-growth target

CA - Most economic targets of first four months of 2010 saw high increases in comparison with the same period of 2009 thanks to the growth of investment capital flow including domestic and foreign sources.

In the structure of domestic investment capital source, the amount from state banks in April was higher than previous months and increased nearly 20 percent year-on-year.

In these four months, total actualised investment capital fulfilled 26.7 percent of the year’s plan and grew by 16.2 percent against 2009. High investment capital disbursement of Jan-April period was recorded in Ministry of Agriculture and Rural Development, Ministry of Construction, the provinces/cities such as Ninh Binh, Hoa Binh, Da Nang, Hai Phong, Bac Ninh, Quang Tri, Thua Thien Hue, Dong Nai, Nghe An and Ha Tinh.

Meanwhile, Jan-April FDI attraction of Vietnam reached $5.9 billion, declining by 25.8 percent year-on-year. The reduction was smaller than the previous year’s 72.2 percent. In which, the newly licensed FDI capital made up $5.6 billion, up 58.5 percent as compared with same period of 2009. The field of producing and distributing electricity, gas, water, air conditioners attracted up to $2.1 billion of Jan-April FDI, followed by the processing and manufacturing industry with $1.55 billion, and real estate business $1.2 billion. The highest FDI attractors were Quang Ninh province, Nghe An, Ba Ria-Vung Tau, HCM City, Quang Ngai, Ha Tinh, Binh Phuoc, Binh Duong, Bac Ninh, Bac Giang, Hai Phong and Tra Vinh.

Regarding foreign indirect investment (FII) capital, foreign stock players in Vietnam performed 21 straight net-purchase sessions with total net purchase value of four trillion dong in first four months.

The most important thing is that Vietnam should upgrade the investment sufficiency to reach the year’s double- target: economic growth at 6.5 percent and CPI curbed at no more than 7 percent in 2010.