Vietnam Companies Encouraged to Invest Abroad

Vietnamese companies poured US$391.2 million into 64 projects in 18 countries and territories in 2007, around US$44 million higher than that of 2006, the Ministry of Planning and Investment (MPI) reported January 2.

 

Over the past 20 years, the country has invested in 249 projects in 35 foreign countries, valued at US$1.39 billion in total, according to the MPI.

 

Experts said boosting investment abroad is regarded as temporary move to lessen pressures from growing FDI inflows in a bid to stabilize the macro-economy.

 

The MPI said Vietnamese investors will focus on oil projects in the Southeast-Asian region and the Africa; power and mineral exploitation projects Laos and China, telecommunications in Laos, Cambodia, Hong Kong, Singapore and the U.S.; retail trade business in the U.S., the EU, Japan, Singapore and China.

 

Laos has to date remained the most attractive destination for Vietnamese enterprises with 86 projects worth US$583.8 million, followed by Cambodia with 27 projects (US$84.4 million), Russia with 12 projects (US$48.1 million).

 

Agriculture sector topped the country’s oversea investment capital with 17 projects capitalized at US$156.8 million. Following were industry sector US$147.1 million and the services sector holding the remainder.

 

The MPI forecast that Vietnamese businesses will invest around US$500 million abroad this year. (Vneconomy, Saigon Liberation)