Vietnam ranks 6th in foreign investment

HO CHI MINH CITY, Vietnam, March 21 (UPI) -- Vietnam now ranks sixth in the world in attracting foreign investment, a report issued Friday said.

Within a year after joining the World Trade Organization, Vietnam has attracted more than $98 billion in foreign investments, which trails only China, India, Russia, India, the United States and Brazil, the Vietnam News reported.

Over the past year, the country has also signed agreements on Rights of Intellectual Property, reduced tariffs, shed subsidies under World Trade Organization guidelines and opened doors to financial investments, the report said.

"Vietnam will continue to develop local resources and take initiatives to integrate into the global economy, especially focusing on improving international trade and investment co-operation," the head of the Foreign Investment Department Phan Huu Thang said at a conference of business leaders in Ho Chi Minh City Thursday.

The country's goal for 2006 through 2010 is to attract $150 billion in foreign investment, the report said.