Hanoi (VNA) – The first 11 months of 2017 witnessed a boom in foreigninvestment in Vietnam, which surged up 53.4 percent year on year to reach 33billion USD of new capital, according to the Foreign Investment Departmentunder the Ministry of Planning and Investment.

Theamount includes capital poured into newly licensed and existing projects andshare purchase. The figure is expected to reach 35 billion USD by the end of theyear, surpassing the yearly target.

Around16 billion USD has been disbursed in the 11-month period, up 11.9 percent yearon year.

Disbursement of foreign capital is also expected to reach a recordhigh at about 17.5 billion USD for the entire year.

Accordingto Minister of Planning and Investment Nguyen Chi Dung, foreign investment isexpected to maintain the momentum of this year to fare well in 2018. He attributedthe increase to the good GDP growth and efforts made by the Government andlocalities to improve the investment climate.

Meanwhile,Dr. Can Van Luc, senior consultant of the Board of Chairmenof the Bank for Investment and Development of Vietnam, said positive economicgrowth, macro-economic stability in 2017 and impacts by economic exchange activitiesin the framework of the Vietnam APEC Year 2017 all will serve as positivefactors to help the country attract more foreign investment in the time tocome.

Healso took note of the Government’s plan to boost foreign investment promotionnext year, with focus on the key markets, namely the US, EU members, Japan, theRepublic of Korea, and members of the free trade agreements Vietnam has signed.

Capitalssourced by big partners will continue growing thanks to the market room,favourable geographical conditions, developed infrastructure, and taxespreferences, Luc commented.

Mostof the foreign investment capital has been poured in construction, transport,energy, real estate, and tourism projects.

Vietnamalways welcomes and encourages foreign investment, Prime Minister Nguyen XuanPhuc affirmed at the recent 2017 Vietnam Business Forum.

TheGovernment and localities are adjusting and developing the legal framework inline with international practice to facilitate foreign investment, he reiterated.

Atthe same time, Vietnam will conduct checks to timely detect and handle ineffective,dishonest and polluting projects and activities, he added.-VNA