Vietnamese enterprises were licensed to inject an investment capital of $937.3 million abroad into 184 projects between January and August this year, the Planning and Investment Ministry's Foreign Investment Department has reported.
In August alone, the country’s outbound investment was estimated at $287.3 million for 18 projects.
Vietnam’s investment has been mainly pumped into Laos, Cambodia, Malaysia, Iraq, Russia, Algeria and Singapore and the US with a focus on the sectors of oil and gas, heavy industry, foodstuff, and construction, agriculture, and services.
The biggest projects in the phase are a $208-million oil and gas exploration and exploitation deal in Algeria, followed by an $35-million trade center in Russia, a $22-million oil exploration project in Singapore, a $12.5-million project to grow rubber trees in Laos, and a $10.5-million project to build a hospital in Cambodia.
In related news, the Vietnamese Government has recently issued a new decree on direct investment in foreign markets by Vietnamese businesses, which will replace the existing one issued in 1999. Accordingly, projects worth under VND15 billion ($943.4) will be granted licenses by within only 30 days.
The decree also stipulates that state-owned projects in banking, finance, insurance, credit, press, television, post and telecommunication and others worth VND150 billion ($9.4 million) or upwards, and projects by the non-economic sector capitalized at VND300 billion ($18.8 million), will have to be submitted to the Prime Minister for approval.
According to the Ministry of Planning and Investment, by late July this year, Vietnamese companies had invested over $660 million in 33 nations and territories, with neighboring Laos being the largest destination with around $364 million.
Vietnam & World Economy
Vietnamese
