Vietnam Daily News

Japan pledges 1,623 FDI projects in Vietnam

Written by Dailynews.vn Friday, 16 December 2011 17:44

An official of the Vietnamese Ministry of Planning and Investment (MoPI) on December 12 confirmed that Japan's investment capital is in accordance with Vietnam's development orientation.

Speaking at the Vietnam Investment Seminar in Japan's Tokyo capital, Do Nhat Hoang, head of the Foreign Investment Department under the MoPI, said more than 86 percent of Japan's foreign direct investment (FDI) capital in Vietnam is focusing on processing and manufacturing industry sectors.

According to Hoang, till the end of November 2011, Japanese enterprises have invested in 1,623 FDI projects in Vietnam, including 1,007 projects focusing on processing and manufacturing industry sectors, with a total registered investment capital of nearly $22.4 billion, ranking at the fourth position among the countries and territories investing in Vietnam.

Particularly, the registered investment capital in processing and manufacturing industry sectors accounted for more than $19.3 billion, or 86 percent.

Hoang emphasizes Vietnam's investment environment is becoming more attractive to foreign investors, especially Japanese companies.

Yoshifumi Tsujio, Japanese senior investment adviser of Japanese Investment Promotion Agency, said that Vietnam has many attractions to investors such as socio-political stability, well educated and young labour force, good policies to attract investments, the two countries have many similarities in culture and the Vietnam-Japan relationship is developing well.

However, to attract more investors, Vietnam also needs to overcome the current shortcomings such as supporting industry is not developing, production is depending much on raw materials imports, the infrastructure system is not synchronised and some administrative procedures is still inadequate.

Source: www.intellasia.net/news/articles/economy/111350945.shtml