The Svayrieng Industrial Zone in Cambodia, which has thus far attracted many Vietnamese investors. 07/01/2008
Domestic firms invest $391mil overseas
VietNamNet Bridge – Vietnamese businesses invested US$391.2mil overseas in 64 projects in 2007, bringing total investment overseas during 1988-2007 to $1.39bil, according to the Ministry of Planning and Investment.
Of the total, 17 projects, capitalised at $156.8mil, were in the agricultural sector and 23 projects, valued at over $147mil, were in industry, with the remainder in services.
The average scale of investment was around $6mil per project.
Of 35 countries and territories receiving Vietnamese investment, Laos attracted the greatest amount, with 86 projects worth a total of $583.8mil. It was followed by Cambodia, with 27 projects worth $88.4mil and Russia with 12 projects valued at $48.1mil.
Businesses were targeting Africa, China, Singapore, Japan, the US and the EU for further projects specialising in oil and gas, mineral exploitation, transportation and trade services, the ministry said.
Among the most high-profile overseas projects are PetroVietnam gas exploration and exploitation projects in Algeria with an initial investment of about $30mil. The project has already discovered new crude oil resources and PetroVietnam plans to increase the level of investment.
Rubber plantations valued at over $60mil are being implemented in Laos by the Viet Nam Rubber Corporation and Dak Lak Rubber Co.
Overseas investment could bring multiple benefits for the country's economic development, said Nguyen Minh Phong of the Ha Noi Institute of Social and Economic Development.
If Vietnamese businesses had more representative offices, branches or facilities abroad, he said, they could take the initiative in establishing their own distribution systems as well as grasping demand and tastes in overseas markets.
Investing abroad would also create opportunities for Vietnamese firms to seek new trading partners and diversify raw material sources, he added.
In order to encourage businesses to invest aboard, local experts suggested continuous improvements in the legal system and simplifications in administrative procedures.
Comprehensive information about foreign markets, trade partners and investment climates as well as consultancy in law, accounting and import-export procedures would also help boost investment abroad.
Source: Viet Nam News
Of the total, 17 projects, capitalised at $156.8mil, were in the agricultural sector and 23 projects, valued at over $147mil, were in industry, with the remainder in services.
The average scale of investment was around $6mil per project.
Of 35 countries and territories receiving Vietnamese investment, Laos attracted the greatest amount, with 86 projects worth a total of $583.8mil. It was followed by Cambodia, with 27 projects worth $88.4mil and Russia with 12 projects valued at $48.1mil.
Businesses were targeting Africa, China, Singapore, Japan, the US and the EU for further projects specialising in oil and gas, mineral exploitation, transportation and trade services, the ministry said.
Among the most high-profile overseas projects are PetroVietnam gas exploration and exploitation projects in Algeria with an initial investment of about $30mil. The project has already discovered new crude oil resources and PetroVietnam plans to increase the level of investment.
Rubber plantations valued at over $60mil are being implemented in Laos by the Viet Nam Rubber Corporation and Dak Lak Rubber Co.
Overseas investment could bring multiple benefits for the country's economic development, said Nguyen Minh Phong of the Ha Noi Institute of Social and Economic Development.
If Vietnamese businesses had more representative offices, branches or facilities abroad, he said, they could take the initiative in establishing their own distribution systems as well as grasping demand and tastes in overseas markets.
Investing abroad would also create opportunities for Vietnamese firms to seek new trading partners and diversify raw material sources, he added.
In order to encourage businesses to invest aboard, local experts suggested continuous improvements in the legal system and simplifications in administrative procedures.
Comprehensive information about foreign markets, trade partners and investment climates as well as consultancy in law, accounting and import-export procedures would also help boost investment abroad.
Source: Viet Nam News
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