Vietnam Boosting Outbound Investment
Prime Minister Nguyen Tan Dung has recently approved a regulation to create the legal framework to encourage local firms to invest abroad.
The plan named “Boosting Vietnam’s outbound investment” identifies priorities sectors for local companies to invest in foreign countries.
The priority projects include energy, electricity production and natural resources with focus on petroleum and mineral exploitation and exploration and agriculture crop cultivation, according to the regulation.
Additionally, administrative reform, expansion of investment areas, and increase of enterprises’ rights and self-responsibility are also mentioned in the scheme.
Investors are urged to invest in new markets such as Latin America, the Middle East and Africa besides traditional ones Laos, Cambodia, ASEAN countries and Russia.
The PM has asked the Ministry of Planning and Investment (MPI) to build a list of key markets for outbound investment.
The MPI will also join hands with ministries, agencies and localities to hold investment promotion campaigns in foreign countries.
The Finance Ministry is assigned to build a financial preference mechanism for investors to carry out projects abroad.
As of December last year, Vietnam poured US$4.39 billion into 368 projects in foreign markets. Of this, US$1.2 billion was disbursed. (Labor, Vnexpress)
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