7:48:39 PM | 18/9/2008
Vietnamese businesses are expected to invest some US$500 million abroad this year, 20 per cent higher than that of 2007, the Ministry of Planning and Investment (MPI) said on September 17.
The ministry also forecast that the country’s offshore investment will rise steadily at the annual rate of 20 per cent until 2010 thanks to the improved procedures and a new legal framework.
To boost the outbound investment, the MPI is streamlining administrative procedures to offer local investors more opportunities for projects in foreign countries.
Agencies in charge of the work at various levels will be empowered to issue investment licenses, instead of the sole Foreign Investment Agency, the ministry said.
Besides, a project to “assist and encourage Vietnamese businesses to make offshore investment” will be submitted to the Prime Minister for approval.
Under the project, the MPI recommends that the State encourage and assist businesses to invest in certain strategic markets such as Laos, Cambodia and Russia and key sectors, including oil, power generation and mining.
Vietnam has to date invested in 317 projects in 35 countries and territories, mostly in Asia, with a total registered capital of US$2.5 billion.
The country’s investment focuses on the areas of construction and construction with 136 projects valued at US$1.7 billion and the rest is pumped into agriculture and service sectors.
Lao remains the most attractive among Vietnam’s nine outbound destinations with 123 projects worth up to US$1.286 billion, including US$173.3 million in the first seven months of this year alone.
It is followed by Malaysia with seven projects capitalized at US$162.8 million and Cambodia with 34 projects of US$153.1 million. (VNA)
Vietnamese
