MPI: Vietnam's Overseas Investments Hit US$4.4 Bln

Vietnam has 368 valid projects totaling US$4.4 billion in foreign countries, the Ministry of Planning and Investment's Foreign Investment Department was quoted as saying.

 

Of the total projects, Asia is Vietnam's biggest market with 257 projects with combined capital of US$2.85 billion, accounting for 69.8 per cent of the total project number and 64.9 per cent of total value, followed by Europe, America and Africa, the online VietnamNet said.

 

The projects include 155 projects valued at US$3.4 billion in the industrial sector, followed by projects in agriculture, forestry and fisheries and service.

 

The department said foreign investments increased steadily recently. Of the investors, the Vietnam-Laos Investment and Electricity Development Joint-Stock Company has invested heavily in two electricity projects in Laos, providing financial muscle exceeding US$714 million.

 

The Vietnam Oil and Gas Group (PetroVietnam) has also set an example by investing US$243 million in Algeria and almost US$117.4 million in projects in Madagascar.

 

Disbursements of projects were estimated at 27 per cent of the total registered capital at US$1.2 billion.

 

Vietnam began to invest overseas in 1988, two years after it started doi moi (renewal) policy. (VNA, VietnamNet)