FDI businessmen club set up in Danang By Hai Dang - The Saigon Times Daily DANANG – The government of Danang City has issued a decision approving the establishment of a businessmen club for foreign-invested enterprises operating in this central city, according to the Department of Home Affairs. The club’s office will be in the Danang Investment Promotion Center at 70 Quang Trung in Hai Chau District. Members of the club are mainly leaders and managers of foreign-invested enterprises. The club aims to have a common voice on matters of mutual concern among 100%-foreign-invested firms which account for a large number in Danang City. Besides, amid current difficulties, the club will connect enterprises with one another to overcome difficulties, increase the attractiveness for the city’s investment environment and serve as a bridge between the city’s leaders and enterprises. Currently, there are many associations and clubs in Danang City such as Danang Young … [Read more...] about FDI businessmen club set up in Danang
Fdi
After 30 years, new strategy being sought to lure FDI
According to the Foreign Investment Agency under the Ministry of Planning and Investment, Vietnam has attracted 24,000 FDI projects with total registered capital of US$313 billion from over 120 countries and territories in the world since 1987.In the past 30 years, the FDI sector has contributed positively to Vietnam’s economic growth. Vu Van Chung, deputy director of the Foreign Investment Agency, said the contribution of the FDI sector to gross domestic product (GDP) growth increased from two percent in 1992 to 19 percent in 2016. In addition, the FDI sector accounted for 64 percent, 70.5 percent and 71.5 percent of the country’s total export turnover in 2012, 2015 and 2016, respectively.The FDI sector has also contributed significantly to the budget revenue with an increase from US$1.8 billion in the 1994-2000 period to US$14.2 billion in the 2001-2010 period. In 2016, the FDI sector contributed about US$7.1 billion to the budget revenue, accounting for 15 percent of … [Read more...] about After 30 years, new strategy being sought to lure FDI
Oxfam warns Vietnam about FDI from tax havens
The UK-based non-governmental organisation Oxfam has raised warnings about foreign direct investments from international tax havens at a conference about tax and inequality held in Hanoi on October 7. Susana Ruiz from Oxfam said Vietnam and other developing countries were incurring USD170bn in damage each year because of international tax havens. About 50% of the FDI in Vietnam was capital from the tax havens so most of the profits are not being kept in Vietnam. Even though Vietnam attracts a lot of investors, tax revenue is not high. Instead of paying 20-30% taxes in the countries they are operating in, corporations will bring the profits to countries with less than 1% or 0% tax. Ruiz said the Panama Papers had revealed how offshore companies were created to avoid taxes. The tax money are making the rich richer and widening the gap between the rich and the poor. According to Oxfam, 60% of global trade value is created between member companies. International corporations spend 5% of … [Read more...] about Oxfam warns Vietnam about FDI from tax havens
Hai Phong city tries to keep top position in FDI attraction
Statistics released by Hai Phong’s Department of Planning and Investment show that so far this year Hai Phong has attracted more than 1 billion USD from 47 newly registered and 35 revised projects. Last year, Hai Phong ranked second nationwide in luring FDI, which reached nearly 3 billion USD. Major investment projects include the 1.5 billion USD project by LG Display and 550 million USD project of LG Innotek. Investors say they selected Hai Phong for its potential. Tran Thuy Trang, Deputy General Director of Jasan Company Vietnam in the Vietnam-Singapore Industrial Park in Hai Phong, said the company has 2 sock factories in Vietnam. Trang told VOV: “Since the company was established, we have received support from the local administration. Currently we have 1,500 workers and plan to double the number by the end of next year. Jasan Company 1 began operations in 2015; Jasan 2 began operations this year; and Jasan 3 will … [Read more...] about Hai Phong city tries to keep top position in FDI attraction
FDI into Vietnam reaches 33 billion USD in 11 months
Foreign direct investment (FDI) in Vietnam reached 33.09 billion USD in the first 11 months of this year, a year-on-year increase of 82.8 percent. The FDI mainly came from new projects, additional investment capital and buying stake, the Ministry of Planning and Investment’s Foreign Investment Agency reported. Specifically, the ministry licensed 2,293 new projects worth 19.8 billion USD, up 52 percent compared with the same period last year. The Foreign Investment Agency estimated foreign direct investment projects disbursed 16 billion USD, up 11.9 percent over the same period in 2016. During the period, the processing and manufacturing sectors received the highest capital with 14.95 billion USD, equivalent to 45.2 percent of the total. It was followed by electricity production and distribution and real estate business, with total values of 8.37 billion USD and 2.5 billion USD, respectively. Bac Ninh province ranked second with total registered capital of 3.28 billion USD, … [Read more...] about FDI into Vietnam reaches 33 billion USD in 11 months