Although Vietnam initially decided to build only three oil refineries, two are about to be built and others are under construction, while several more are awaiting licenses.
Along with projects worth billions of US dollars, such as the Nghi Son, Long Son and Vung Ro oil refineries, work on a series of other large-scale projects for LG and Samsung has begun.
Vung Ro oil refinery project, with nearly US$3.2 billion investment from the UK's Technostar Management Ltd, is expected to begin in August, according to People's Committee of the central coastal Phu Yen Province.
Vietnam should give more incentives to domestic firms, as the current preferential policies toward FDI firms may hinder the nation's development and result in dependance, one official said.
Seventy-eight foreign direct investment (FDI) businesses have been presented with Gold Dragon Awards and a hundred domestic enterprises have won the title of strong trademarks.
Vietnam aims to have four oil refineries fully operational by 2030 capable of processing 16-20 million tonnes of crude oil per annum by 2020.
Kuwaiti Consul General in Ho Chi Minh City Omar Al-Qenael has voiced his hope that two-way trade between Vietnam and Kuwait will exceed US$1 billion in the next few years.
Leather, Footwear, Handbag Industry Generates US$10.3 Billion in 2013Exports of leather, footwear and handbags hit US$10.
Vietnam attracted nearly US$22 billion in foreign investment in 2013, the highest figure since 2008, according to statistics from the Ministry of Planning and Investment (MPI)'s Foreign Investment Agency.
Despite 2013's economic difficulties, Vietnam attracted more than US$21 billion in registered foreign direct investment (FDI), a 54.