Vietnam’s overseas investment can top 1 billion USD annually: insider
Overseas investment by Vietnamese firms is growing and can surpass 1 billion USD per year in the future, from about 700 million USD at present, said Chairman of the Vietnam Association of Foreign Invested Enterprises Nguyen Mai.
Hanoi (VNA) – Overseasinvestment by Vietnamese firms is growing and can surpass 1 billion USD peryear in the future, from about 700 million USD at present, said Chairman of theVietnam Association of Foreign Invested Enterprises Nguyen Mai.
Vietnam iscurrently investing more than 21.6 billion USD in 1,584 overseas projects. Inthe first nine months of 2022, its businesses poured over 347.3 million USD in80 new projects, rising 2.31-fold year on year in value, according to theMinistry of Planning and Investment.
Theyinvested in 13 sectors abroad during the period. The processing - manufacturingindustry took the lead with over 291.6 million USD, equivalent to 55.2% of thetotal. It was followed by finance - banking - insurance, wholesale and retail,mining, and agriculture - forestry - fisheries.
Twenty-fourcountries and territories recorded Vietnamese investment in nine months, with Laos beingthe biggest destination, followed by Singapore, the US, Germany, and theNetherlands.
The surgein new overseas investments is partly attributable to five major projects worthover 34.68 million USD each by the Vines Energy Solutions JSC in the US,Canada, France, Germany, and the Netherlands.
Mai notedVietnamese enterprises’ overseas investment has been on the rise with many bigprojects, adding that many projects on technology, rubber, and coffeeproduction have reaped success and sent back profits to the homeland, helping withthe balance of international payments and increase the country’s foreignexchange reserves.
Economic expertTran Du Lich held that while a number of foreign businesses are acquiringVietnamese companies, many enterprises of Vietnam have also been moving topurchase foreign firms so as to stretch their reach to the world.
He said hehopes the country will have international and regional-level brands in the timeahead, adding that many Vietnamese investors have been establishing themselves inthe global markets as seen in their presence in Europe, the US, Australia, andChina./.
The Vietnamese Government is always ready to create the best conditions for and stand side-by-side with European firms operating in the country, while wishing that EU countries facilitate Vietnamese investments in fields that Europe has demand for, thus fostering balanced and long-term win-win trade and investment cooperation, Prime Minister Pham Minh Chinh has said.
Vietnam will promote investment projects in the Mariel Special Development Zone in practical fields serving the development and daily needs of Cuban people, especially production of essential goods, high-tech industry and infrastructure development, President Nguyen Xuan Phuc has said.
Vietnamese enterprises have invested over 347.3 million USD in 80 new projects in the first nine months of 2022, rising 2.31-fold year on year, according to the Ministry of Planning and Investment (MPI).
Vietnamese enterprises have invested over 347.3 million USD in 80 new projects in the first nine months of 2022, rising 2.31-fold year on year, according to the Ministry of Planning and Investment.
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Illustrative image (Photo: VNA) 
