Sunday, March 02, 2008

US lead FDI in Viet Nam with 1.3 billion USD

VNECONOMY updated: 29/02/2008

The US has topped the list of 82 countries and territories investing in Viet Nam during the first two months of this year.

This result is due to the US’s registered capital of more than 1.3 billion USD, accounting for 51.6 percent of the country’s total foreign direct investment (FDI).

Prominent among the five US projects is the construction of a 1.29 billion USD hotel-entertainment complex in Ba Ria-Vung Tau province by Good Choice Inc. The project also helped the southern province lead the country in FDI attraction in the two-month period.

American Chamber of Commerce (Amcham) Executive Director Adam Sitkoff says these results show US investors’ increasing trust in Viet Nam’s investment environment.

On the sidelines of a conference to mark 20 years of foreign investment in Viet Nam late last year, Sitkoff said many US companies consider Viet Nam the world’s most attractive emerging market.

In the first month of the year, US businesses such as Global Venture Inc., Pacific Development LLC and Millennium Global Solution Group (MIGS) came to Viet Nam and expressed interest in investing in several infrastructure projects, including an expressway in the Mekong Delta’s An Giang province and the Van Don Economic Zone in north-eastern Quang Ninh province.

In addition to infrastructure, industry, telecommunication, tourism and services, US firms have also eyed the financial and banking sector through providing financial services or purchasing a stake in Vietnamese financial institutions.

US leading investment company Franklink Templeton has announced it will buy 49 percent of the Vietcombank Fund Management Company and another US giant Morgan Stanley recently came to a joint-venture agreement with Ha Noi-based Huong Viet Securities Company.

Amcham Executive Director Adam Sitkoff said he hoped Viet Nam will continue to improve its investment environment and help US businesses realise their investment strategies.