Vietnam poised for jump in outbound investment
Vietnam poised for jump in outbound investment
Mr. Phan Huu Thang
Vietnamese enterprises plan to invest US$500 million abroad next year, the Planning and Investment Ministry said.
But the figure could end up much higher since state giant PetroVietnam and its affiliates had signed agreements for some large oil and gas projects in Asia and Latin America, it said.
The ministry’s Foreign Investment Agency (FIA) said Vietnamese investment abroad had grown remarkably in recent years, with $968 million now invested in 30 countries and territories in sectors like petroleum, hydropower, and plastics.
This year alone investments worth $347.3 million had been approved by the ministry.
Most projects were doing well.
Phan Huu Thang, FIA head, said the government’s drawn-out investigation into investments abroad and unsympathetic laws were the major obstacles to enterprises’ plans.
However, these issues were set to be addressed soon under a recent government direction enabling local entrepreneurs to do business abroad, he said.
But some $424 million has been invested in Laos alone, indicating that most overseas investment is still concentrated within the region.
Analysts said enterprises should not concentrate just on neighboring markets but should try to expand into developed nations.
Investing abroad helped Vietnamese enterprises build their trademarks internationally and gain experience, they said.
Source: Thoi bao Kinh te Vietnam – Translated by Ha Dong
US group gets nod for $1.2 bln resort in Vietnam island
US group gets nod for $1.2 bln resort in Vietnam island
The US-based Rockingham Corporation has reached agreement in principle with Vietnam’s southern Kien Giang province to lease land for a US$1.2 billion tourism complex on Phu Quoc Island.
The province has agreed to make available 923 ha on the island but further details of the agreement are awaited. It will allot the land by next year.
While awaiting central government clearance, the provincial authorities have told the Los Angeles-based company to go ahead with its planning for the complex.
The US investor’s proposal dovetails with a government master plan to turn the island into an international aqua-eco-tourism destination as well as a trade and cultural hub.
Rockingham proposes to build a 36-hole golf course, a high-end resort with more than 2,000 rooms, villas for rent, a motor racetrack, a tourism school, and other tourism facilities.
Construction is set to be completed by 2015.
The US group has established the Rockingham Vietnam Real Estate Development Company to carry out the project.
It had asked the local government for 1,400 ha for the project but there with the huge demand on the island from other investors, there wasn’t enough land to go around.
The authorities even relocated 28 smaller investors to find the 923 ha they eventually allotted the US investor.
The province had approved detailed zoning plans on 275 ha, with many smaller investors seeking to develop resorts, golf courses, and a fishing wharf.
Nearly 150 foreign and domestic investors have registered for business licenses in Phu Quoc.
Compiled by Ha Dong
US president signs US-Vietnam trade measure
US president signs US-Vietnam trade measure
US President George W. Bush signed Friday a proclamation formally extending full US-Vietnam trade ties and made the Southeast Asian country eligible for US military aid, key steps in normalizing relations.
The measure lifted trade restrictions imposed on Vietnam under the so-called "Jackson-Vanik" amendment of 1974, under which nations can enjoy normal trade relations with the US only if the president grants an annual waiver certifying that such relations promote freedom of emigration.
“The extension of nondiscriminatory treatment to the products of Vietnam shall be effective as of the date of signature,” the proclamation says.
"The United States welcomes Vietnam's progress in enacting free-market reforms, and looks forward to Vietnam becoming the 150th member of the World Trade Organization on January 11," the Agence France Presse quoted White House spokesman Scott Stanzel as saying.
In a memorandum to US Secretary of State Condoleezza Rice, Bush declared that "the furnishing of defense articles and defense services to Vietnam will strengthen the security of the United States and promote world peace."
Bush had visited Hanoi and Ho Chi Minh City, in mid-November as part of a week-long Asia trip that also took him to Singapore and Indonesia.
The US Congress formally granted Vietnam "permanent normal trade relations" earlier this month, giving that country the same access to US markets that other WTO members enjoy.
The two countries normalized political relations in 1995 under former US president Bill Clinton and signed a bilateral trade agreement in 2001.
Vietnamese-US trade grew to nearly US$8 billion in 2005, a five-fold increase since 2001. US investments in Vietnam are expected at about $4 billion this year.
The two countries hope bilateral trade will nearly double to $15 billion by 2010 and US investments in Vietnam to $8 billion this year.
Source: White House, AFP, DPA
Vietnamese Dong and its future
Hi,
I have read all the articles and updates on this currency, as with the Iraqi dinar we all have an idea as to its future revaluation and when but i cannot see anywhere as to when (roughly) and as to a figure this currency will revalue at. Any thoughts.