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Vietnam to become 'more selective about foreign investment'
28 Jun 2009
Despite local authorities securing $72 billion of investment funding in the construction and property development sector in 2008, figures for the first six months of 2009 show just $4 billion has been invested, according to VietnamNet.
Head of the Foreign Investment Agency at the Ministry of Planning and Investment in Vietnam, Phan Huu Thang, said that although foreign direct investment (FDI) helps to create a good image for Vietnam in other countries, regulation is important.
"We have to be selective in granting licences, but we should not conclude there is over-investment in one or another sector," he added.
The move also follows several high-profile cases in Vietnam in which local authorities, including the Thanh Hoa and Ha Tinh provinces, apparently secured billions of dollars of FDI which later failed to materialise.
Government figures show FDI in Vietnam fell by 19 per cent in the first half of 2009, compared to the same period in 2008.
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