Vietnamese businesses have poured US$1.35 billion in 241 projects abroad by the end of October, said the Foreign Investment Agency under the Ministry of Planning and Investment.
The projects mainly focus on oil and natural gas exploration and production, home appliance and construction material production, agro-forestry-fishing, and services, the agency said.
Local enterprises pump most of their investment in the neighboring country of Laos, with 84 projects worth US$580 million; followed by Cambodia with 27 projects valued at US$88.5 million.
Algeria attracts only one project on oil and natural gas, which is capitalized at US$243 million.
Vietnamese firms have expanded their investment to the Middle East, Africa, the U.S., and Japan, where they expect to attain big revenues in fields of consumption goods, apparels, footwear, and trade services.
Some local businesses including Corporation for Financing and Promoting Technologies (FPT), a leading ICT services provider, look for market shares in the IT sector, via investment in Japan.
Experts estimate that Vietnam’s investment abroad will climb US$350 million this year alone.
The Government will soon announce simplified procedures for local businesses submitting documents to invest abroad, says Dang Xuan Quang, chief secretariat of the Foreign Investment Agency under the Ministry of Planning and Investment.
The department’s new approach is under Prime Minister Nguyen Tan Dung’s single-door policy to reduce bureaucratic red tape, allowing companies to do business more easily and quickly. (Saigon Liberation, VNA)
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