In the past seven months the country has received many mega projects from giant groups like Intel, Canon, Honda and Mitsui.

The country has so far this year attracted US$2.77 billion FDI for new projects and $650 million from projects allowed to increase their capital, up 6 percent year on year, said Phan Huu Thang, head of the Foreign Investment Division under the Ministry of Planning and Investment (MPI).

Thang revealed the MPI was considering to license another 40 more projects with combined investment capital of some $4 billion.

Reviewing foreign investment circumstance in the past decades many experts said the country currently has the golden opportunity to lure foreign investment.

The fact that Intel, the world leading chip maker, decided to build a $605-million factory in Vietnam, has helped make the Asian nation more popular in the world.

Most of the large media agencies worldwide at the same time highlighted the event Intel received its investment license in Ho Chi Minh City, Vietnam’s economic hub.

Following Intel, many foreign companies operating in Vietnam like Honda, Canon and Panasonic announced their plans to increase its investment capital and expand production in the country.

Honda said it would spend additional $60 million manufacturing cars as its new scope of business in Vietnam while Canon revealed it would add $110 million into its investment capital to turn Vietnam into its largest inkjet printer producing base abroad.

The Nation of Thailand has recently quoted a Thai deputy premier as warning several Japanese investors had seek to move investment to other countries due to unstable political circumstance there.

According to a recent survey of the Japan Chamber of Commerce in Thailand, many Japanese investors expressed their worries over insecurities in Indonesia and the Philippines.

Meanwhile, a recent survey of the Japan External Trade Organization (JETRO) showed that Vietnam was the top choice of Japanese investors who seek to move investment out of China.

JETRO also reported that Japanese enterprises currently consider Vietnam as the best Southeast Asian country for mid and long-term investment.

Second investment wave

Phan Huu Thang of the Foreign Investment Division said he had seen strong interest of Japanese investors through three seminars on calling for investment in Vietnam held recently in Japan.

Dr Le Dang Doanh, former head of the Central Institute for Economic Management, remarked Vietnam was on the threshold of becoming a World Trade Organization (WTO) member and it was an important advantage for the country to attract foreign investment.

“A developing country like Vietnam has large demands for consumer goods, construction, and infrastructure development, offering investors more opportunities to earn money,” he said.

A lawyer specializing in providing investment consulting service said his company recently worked with groups of investors from the US, Hong Kong and Europe, who came with intention of implementing many ambitious projects in Vietnam.

He revealed even giant distributor Wal Mart of the US had asked his company to meet the Ministry of Planning and Investment to learn about possibility to enter the Vietnamese distribution and retailing market.

“Vietnam’s investment environment has become more attractive following the unification of the Enterprise Law and the common Investment Law without discrimination between domestic and foreign investment, plus the country’s commitment of opening the market after joining WTO,” he said.

Not only American and European investors, many Asian companies have paid attention to promoting business in Vietnam.

Chunghwa Telecom, Taiwan’s largest telecom group, has opened its rep office in HCMC.

Tycoons Worldwide group of Thailand is also awaiting permission for a billion dollar project to produce steel in Vietnam.

Sumitomo and some other Japanese groups have just submitted a $15-billion project to develop a combined economic complex at Van Phong Bay in central Khanh Hoa province.

A group of Japanese investors has also shown keen interest in the Dankia-Suoi Vang resort project worth more than $1 billion in the Central Highland province of Lam Dong.