Viet Nam’s outward investment reaches 25 foreign countries and territories
VGP - Up to 90 outward investment projects were licensed in the first ten months of 2022 with a total investment of US$ 390.1 million, 1.8 times higher than the previous year, according to the Ministry of Planning and Investment (MPI).
In January-October period, total outward investment (including new registration and capital expansion) hit US$ 452.1 million, representing a year-on-year decline of 30 percent. The processing - manufacturing industry took the lead with over US$ 224 million (49.6 percent), followed by real estate sector with US$ 42.8 million, and mining with US$ 42.8 million.
In the reviewed period, Vietnamese investors poured investment capital in 25 foreign countries and territories, with Singapore being the biggest destination with US$ 75.3 million, accounting for 16.7 percent of the total outward investment capital, followed by Laos with US$ 70 million or 15.5 percent, and the U.S. with US$ 38.2 million, or 8.5 percent.
As of October 20, Viet Nam had 1,594 outward investment projects worth over US$ 21.68 billion, in which mining sector took the lead as it made up 32.1 percent of the total investment. It was followed by agro-forestry-fishery sector (15.9 percent). Laos, Cambodia and Venezuela are the largest recipients of Viet Nam's investment capital.
Chairman of the Viet Nam Association of Foreign Invested Enterprises Nguyen Mai was quoted as saying that overseas investment by Vietnamese firms is growing and can surpass US$1 billion per year in the future, from about US$700 million.
Vietnamese enterprises' overseas investment has been on the rise with many big projects, many of which are in technology, rubber, and coffee production sectors and have reaped success and sent back profits to the homeland, helping with the balance of international payments and increase the country's foreign exchange reserves.
Economic expert Tran Du Lich held that while a number of foreign businesses are acquiring Vietnamese companies, many enterprises of Viet Nam have also been moving to purchase foreign firms so as to stretch their reach to the world./.