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VIETNAM
Investment
August 24, 2007
Foreign investment to rise 9.8%

Vietnam has forecast that actual foreign investment this year would rise 9.8 percent from last year to $4.5 billion, a government official was quoted on Friday as saying.

Pledges in new projects were expected to total $13 billion, or 8.3 percent more than last year, Phan Huu Thang, head of the Foreign Investment Department, was also quoted by the Tien Phong newspaper as saying. He gave no details of any specific project but said companies with foreign investment operating in industrial and export processing zones would receive $2 billion of the $4.5 billion in actual inflows, or 33.3 percent more than last year.

The industrial and export processing zones were also expected to attract $5.8 billion of the $13 billion in new pledges, Thang said. Foreign investment and overseas remittances are key to helping Vietnam offset its widening trade deficit, which the government forecast would nearly double this year to $8 billion. Vietnam, with an economy growing more than 8 percent a year, a young workforce and World Trade Organisation membership secured early this year, has been attracting more foreign investors. But investing in the emerging economy carries risks such as a shortage of skilled workers, poor infrastructure and shortcomings in the legal system, Prime Minister Nguyen Tan Dung said on Thursday. Reuters reports

 

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