The sum, including new investments and increased investments in existing projects, would also present a 38.5% rise compared with the yearly plan, said Phan Huu Thang, Director of the Foreign Investment Department under the Ministry of Planning and Investment.

He estimated that foreign-invested enterprises' revenues would reach US $30 billion, or a 36.4% increase over 2005, which includes a total export earning of US $15 billion (excluding the earnings from crude oil).

These foreign invested enterprises have contributed US $1.54 billion to the State budget, an increase of 18.7% from 2005.

The investment official attributed the success to the country's earning the membership of the World Trade Organisation and its successful hosting of the 14th APEC Economic Leaders' Meeting given these events have helped attract more interests from foreign investors.

Besides, efforts to better investment and business environment and create an equal legal footing for both local and foreign investors have been recognised with an increase in large-scaled foreign-invested projects, Thang noted.

The Foreign Investment Department forecasts that the country could attract US $9.2 billion in foreign direct investment in 2007, of which US $7 billion could be in new investments.

It said that foreign investors are showing interests in big projects, including the Nghi Son oil refinery plant in northern Thanh Hoa province, the Thach Khe steel mill in central Ha Tinh province, the Mong Duong thermo-electric power plant in northern Quang Ninh province, a bauxite project in central highlands Lam Dong province and a project to build the Bac An Khanh new urban area in northern Ha Tay province. (VNA)