Manufacturing and processing sector playing key role in FDI attraction

ABO/NDO– The manufacturing and processing sector has taken the lead in attracting foreign direct investment (FDI) since the beginning of this year, pulling in US$6.1 billion, or over 43% of the total.

Of the 613 foreign-invested projects in 18 sectors licensed this year, electricity production and distribution ranked second in terms of FDI attraction with more than US$5.4 billion, or over 38% of the total, followed by real estate with over US$1 billion.

Processing pineapples at a plant in An Giang (Photo: VNA).

Head of the Ministry of Planning and Investment (MoPI)’s Foreign Investment Agency Do Nhat Hoang said FDI flows to key areas such as energy and manufacturing and processing are evidence of Vietnam’s stability and prestige in FDI attraction.

Minister of Planning and Investment Nguyen Chi Dung recently issued a decision removing 58 administrative procedures in investment, thus helping enterprises save time and money.

The MoPI also announced 65 new administrative procedures in investment from the central to provincial levels, creating favourable conditions for investors.

(Source: NDO)