Vietnam to Continue Reviewing Overseas Investment Projects: Ministry
The Vietnamese Ministry of Planning and Investment (MPI) said that it will continue reviewing implementation pace of 500 overseas projects totaling US$8 billion in the coming time.
The move is aimed to strictly inspect operations of the projects, especially ones using state capitals, the ministry added.
Vietnam licensed 60 projects totaling US$400 million abroad in the first six months of this year, the ministry said, noting that, besides firms such as Hoang Anh Gia Lai, Sacombank, Saigontourist and BIDV, many others are seeking to invest abroad.
Truong Thanh Furniture Corporation has signed memorandum of understanding with South African partner to build US$30 million plant in Umshwathi. It also plans to build 10,000 hectares of material in Kwazula Natal province.
Laos has been the most attractive destination for Vietnamese investors with 219 projects with the whole pledged US$2.41 billion so far.
Vietnamese firms plan to expand their operations to other markets, including the U.S., which was the biggest foreign investor in the Southeast Asian nation in 2009.
By end-2009, Vietnamese companies disbursed US$2 billion abroad, the ministry said. (Investment)
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