Major Developments Of FDI Legislation In 2001

Thanks to the amendments of the Foreign Investment Law in 2000, a streamlining of procedures and further administrative reforms at both central and local levels, and a revival of South East Asia and other Asian countries, foreign investor interest and confidence in the country have revived. FDI inflows into Vietnam has picked up since the end of 2000 and experienced a promising rise in 2001. According to the official figures released by the Ministry of Planning and Investment (MPI) at the year-end, foreign investment into Vietnam rose to $3.01 billion in 2001, an increase 26% year-on-year increase. There are totally 460 new projects licensed in 2001 worth $2.436 billion, up 22.6% against the previous year. Most licensed projects were reportedly operating effectively and 210 existing projects increased their investment capital during the year, with a total of $580 million. As of the end of 2001, foreign invested enterprises (FIEs)