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NEWS UPDATES 30 August 2010

Vietnamese FDI funds get boost

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The Ministry of Planning and Investment is working with provinces and cities nationwide to speed up disbursement of funds for foreign – invested projects as many are behind schedule.

Many localities in recent years have granted investment permits for many large-scale projects that have registered capital of more than US$1 billion each, according to Nguyen Thi Bich Van, deputy head of the MPI's Foreign Investment Agency.

The disbursement rate at many of these projects has been very low, with some not disbursing capital at all.

Localities are currently reviewing some projects to identify problems and solutions faced by investors and to find solutions.

Withdrawal of project licences will occur if investors fail to prove their ability to carry out projects.

Van said difficulties in land clearance and poor infrastructure had been the primary reasons for the sluggish progress.

In addition, infrastructure systems were weak and incomplete, which had increased production costs for enterprises and affected investor commitment.

Because of the global economic downturn last year, many investors faced financial difficulties and could not complete their projects according to plan.

Some investors, however, failed to begin work because of poor technical competence, and decided to transfer their project to other investors, she said, adding that other investors, particularly local ones, would lose opportunities if this continued.

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