VietNamNet
Bridge – The head offices of the
Ministry of Planning and Investment (MPI) and the Hanoi Planning and Investment
Authority are just one kilometer far from each other.
In
principle, Director of the Hanoi Planning and Investment Authority is the
subordinate of the Minister of Planning and Investment. However, the figures
released by the two agencies in the age of information technology are as
different as chalk and cheese.
MPI “drops” projects
A
report by the Foreign Investment Agency under MPI showed that by April 20,
2012, Hanoi had attracted 11 foreign direct investment (FDI) projects
capitalized at 4.6 million dollars in total. By that time, foreign investors
had registered the additional investment capital of 92.8 million dollars for
seven projects.
As
such, Hanoi had attracted 92.8 million dollars’ worth of FDI more by April 20,
2012, ranking the 10th among provinces and cities in the FDI registered
capital, according to MPI.
Meanwhile,
the report by the Hanoi Planning and Investment Agency showed that in the first
quarter of 2012, Hanoi got 64 projects (both newly registered and expanded
projects) with the total registered capital of 147.6 million dollars. The sum
includes 35.38 million dollars worth of 42 newly registered projects and 112.3
million dollars’ worth of 22 expanded projects.
As
such, the figures about Hanoi’s FDI in the first four months of the year
released by MPI were even lower than the figures in the first three months
released by the local investment department. This might have been explained by
the fact that the ministry has not counted on some projects.
In
fact, the difference in the figures released by different agencies does not
surprise people any more.
Earlier
this year, a report about FDI by the Vietnam Association of Foreign Invested
Enterprises VAFIE, also showed unreasonable points.
The
report said an UNCTAD’s report on the global FDI in July 2010 showed that the
implemented capital in Vietnam had reached 44 billion dollars by the end of
2009. Meanwhile, Vietnam’s Statistical Yearbook showed the figure of 67 billion
dollars. If deducting 20 percent of the sum (which is believed domestically
sourced capital), the actual FDI capital would be 54 billion dollars. This
means the big gap of 10 billion dollars between UNCTAD’s and Vietnam’s figures.
The
differences in statistical figures have raised worries about the reasonability
of the government policies. The problem is that the figures have been updated
in the official report of the General Statistics Office which will then serve
the building up economic and investment policies.
Legal
documents plentiful, but power still lacking
MPI and
its dependent unit – the Foreign Investment Agency – usually have to send
dispatches, urging local authorities and relevant branches to update FDI
information in their localities.
MPI,
for example, sent a dispatch on December 2, 2011, requesting the Vietnam
National Oil and Gas Group (PetroVietnam) to report the FDI in the oil and gas
sector in the fourth quarter of 2011 and the plan for the whole year 2012.
Meanwhile,
the current laws stipulate that investors, state management agencies have the
duty of fulfilling the obligations for statistical work.
Analysts
have noted that in the dispatches, MPI only used the word “request” and asked
for the cooperation of local authorities and relevant branches, which means
that reporting is not a must. Meanwhile, in principle, local authorities and
agencies have the obligations of fulfill their tasks as the state management
agencies.
The
analysts have also noted that Vietnam does not lack legal documents, but MPI
seems to lack necessary power.
Kim Chi
Business & Investment Opportunities
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