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|Deputy Minister Vu Dai Thang and Director of KOICA Kim Jinoh signing the record|
According to the record, the South Korean government will provide a non-refundable aid of $5.5 million to Vietnam along with $700,000 of reciprocal capital from the Vietnamese government to develop the project between 2018 and 2021.
NIIS was developed in 2008-2011 according to Decision No.43/2008/QD-TTg and officially deployed since July 2015 in line with regulations of the 2014 Law on Investment. However, Deputy Minister of Planning and Investment Vu Dai Thang said that due to a lack of money, NIIS only serves basic functions and the Foreign Investment Agency (FIA) was tasked with improving this.
This ODA project funded by the Korean government will support MPI to improve comprehensively and make headways in simplifying administrative procedures as required by the state.
“This is an important project to improve the competitiveness of MPI in collecting, managing, and analysing the national investment database as well as providing online public services to investors. NIIS is also a tool for granting investment certificates and managing projects,” emphasised Thang.
Meanwhile, Kim Jinoh, director of the Korean International Co-operation Agency (KOICA) confirmed that Vietnam is one of the key regional partners of South Korea. “The scale of co-operation between Vietnam and South Korea will be expanded gradually. NIIS will be developed and deployed stably, contributing to attracting more foreign investors to Vietnam,” he added.
The record of discussions is the foundation for the next steps of the project. The two sides committed to develop it successfully, contributing to the good relationship between Vietnam and South Korea.
According to FIA, Vietnam lured in 25,524 FDI projects with the total registered capital of nearly $320 billion and disbursed over $177 billion by the end of April. South Korea ranks first of the 126 countries and territories investing in Vietnam with over 6,800 projects and $59 billion of total registered capital.
In the first four months of this year, there were 420 projects that were newly-established or registered added capital from South Korea, with the total registered capital of over $2.3 billion, maintaining the country’s first ranking in Vietnam.