Eight-month FDI attraction hits 19.54 billion USD
Vietnam attracted 19.54 billion USD worth of FDI as of August 20, down 13.7 percent year-on-year, according to the Ministry of Planning and Investment.
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Vietnam attracted 19.54 billion USD worth of FDI as of August 20, down 13.7 percent year-on-year, according to the Ministry of Planning and Investment.
Prime Minister Nguyen Xuan Phuc had a working session with authorities from the northern province of Ninh Binh on July 12 to check the implementation of socio-economic development in 2020, including the disbursement of public investment.
Vietnam's public investment disbursement in the first half of 2020 was estimated at VND156 trillion (US$6.7 billion), according to the Ministry of Planning and Investment (MPI).
Prime Minister Nguyen Xuan Phuc has asked for more measures to boost investment, exports, and consumption in order to achieve the highest growth possible in 2020 at a national teleconference between the Government and localities on July 2.
Vietnamese lawmakers adopted resolutions ratifying the European Union (EU)-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) during a plenary sitting of the 14th National Assembly (NA)'s ninth session in Hanoi on the morning of June 8.
The National Assembly Standing Committee resumed its 45th session on June 1, and adopted a resolution stipulating principles, criteria and quota for the allocation of public investment using State budget in the 2021-2025 period.
The development of industrial zones needs a comprehensive plan to capture the transition of the foreign direct investment (FDI) inflow spurred by trade wars and the COVID-19 pandemic in which Vietnam has significant opportunities to become the next global factory.
Total foreign investment inflows recorded a year-on-year decrease of 14.5% to US$12.33 billion as of April 20, according to the Ministry of Planning and Investment.
The total amount of development investment in northern Ninh Binh province exceeded 4.94 trillion VND (210 million USD) in the first quarter of 2020, up 6.8 percent year-on-year, according to the provincial Department of Statistics.
The northern province of Ninh Binh disbursed 1.13 trillion VND (some 47.9 million USD) of public investment in the first two months of 2020, fulfilling 50 percent of the set target.
Almost 34.75 trillion VND (1.49 billion USD) of public investment capital was disbursed in the first two months of 2020, equivalent to 7.38 percent of the year's plan and nearly doubling the value and progress in the same period last year.
In parallel with speeding up land clearance and improving infrastructure at local industrial zones (IZs), the Industrial Zone Authority of Ninh Binh has offered advice to the provincial People's Committee to adjust the province's master plan, accelerate administrative reforms and create a favourable investment environment, making these IZs attractive destinations for investors.
The inflow of foreign investment into Vietnam experienced a year-on-year drop of 23.6 percent in the first two months of the year to 6.47 billion USD, according to a report from the Ministry of Industry and Trade's Foreign Trade Agency.
The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).
Investment attraction of the northern province of Ninh Binh has seen remarkable progress, contributing greatly to its socio-economic growth. This was attributed to the province's provision of mechanisms and policies in favor of attracting investment over the past few years.
Vietnam attracted US$29.11 billion in foreign direct investment (FDI) in the first eleven months of 2019, up 3.1% over the same period last year, according to the Ministry of Planning and Investment.
Ninh Binh disbursed VND 2.5 trillion( 108 million USD) of public investment capital as by September 15, accounting for 94.8 percent of the Government's assigned yearly target, when the slow progress in the effort was recorded in many localities and ministries and branches nationwide.
Ninh Binh province has in recent years implemented a number of measures to boost its international economic integration. These efforts have brought about positive outcomes for the locality in many fields such as export, investment attraction. However, the process of international economic integration needs more efforts to raise the local economy's competitiveness, thus confirming its position in the international market.
Vietnam has climbed in the ranking of best countries in which to invest this year, surpassing other Southeast Asian nations, such as Malaysia, Singapore and Indonesia.
Attracting investment and taking advantage of all social resources to accelerate tourism growth is the direction being applied by many localities, including Ninh Binh and Ha Nam. Situating in the southwest of the Red River Delta, the two provinces possess a lot of natural resources and cultural heritages and can cooperate with each other to improve tourism competitiveness.
Ninh Binh has urged branches and localities to implement a host of drastic measures to streamline administrative procedures, and provide transparent information related to investment attraction, thereby helping remove difficuties faced by businesses, and especially improve the provincial competiveness index.
Total development investment capital of northern Ninh Binh province reached VND 12.7 trillion in the past seven months of this year, increasing by 3.4% year-on-year, according to the provincial Department of Statistics.
Prime Minister Nguyen Xuan Phuc has signed a Resolution covering solutions to encourage and foster investment in sustainable and safe development of agriculture.
Latvian Foreign Minister Edgars Rinkevics said his country advocates early ratification of the Viet Nam-EU free trade agreement (EVFTA) and investment protection agreement (EVIPA) to bring practical benefits to both sides.
In the past few years, the northern province of Ninh Binh has focused efforts on improving administrative procedures and business climate as well as offering prioritized mechanisms to develop industrial clusters (ICs) to attract more investments into ICs.