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UK envoy: Viet Nam to draw 20 billion USD of FDI

Foreign direct investment (FDI) into Viet Nam is expected to reach 20 billion USD this year, double the figure of 2004, said the British Ambassador to Viet Nam Robert Gordon.

Viet Nam’s FDI rose 50 percent in 2005 and 60 percent last year, and “these are staggering figures,” the ambassador said at a recent luncheon talk in Bangkok.

Viet Nam's growing confidence has resulted in part from membership in the World Trade Organisation (WTO), making the country more attractive for foreign investment, he said.

Viet Nam can close the gap between itself and the ASEAN founding members, Ambassador Gordon said, adding that “We can expect Viet Nam to take what some would otherwise see as a surprisingly forward position on issues such as the new EU-ASEAN free trade agreement.”

According to the ambassador, in order to further boost the economic development, Viet Nam should focus on some issues, including improvement of quality of economic governance and commitments to foreign investors, restructuring of state enterprises, welcoming back overseas Vietnamese who are an important source of capital and entrepreneurial drive.

In addition, Viet Nam should also focus on sectors and goods in which it has some competitive advantage such as agriculture. The country is the world’s largest exporter of pepper and cashew and the second largest exporter of rice and coffee, he noted.

The ambassador said he believes that in any case Viet Nam should not be complacent about its achievements.(VNA)

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