Vietnamese businesses look to opportunities overseas
The Viettel Group runs telecom services in Haiti. Vietnamese enterprises have invested US$2.65 billion in 12 countries and territories during the first quarter of this year. — VNA/VNS Photo
HA NOI (VNS)— Vietnamese enterprises have invested US$2.65 billion in 12 countries and territories during the first quarter of this year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
In total, $720.7 million went towards 22 newly-licensed projects while the remainder came from existing projects that increased their levels of capital, FIA said.
Mineral exploration, information and communications, accommodation and restaurant services have been sectors that Vietnamese enterprises paid the most attention to.
Notably, the Russia-Viet Nam Oil and Gas Joint Venture (Rusvietpetro) raised its investment in a project in Russia by $1.4 billion and the Viet Nam Chemical Corporation added $518.9 million to its salt mining project in Laos.
As of March 2013, the firms had pumped investment into 742 projects with a total registered capital of $15.5 billion.
Of the $3.8 billion that has been disbursed, $2.9 billion went to oil and gas, nearly $500 million to rubber plantations, $400 million to hydro-electric power plants, and $249 million to the telecom industry.
Among the 59 countries and territories in which Viet Nam has invested in so far, Laos has drawn the largest amount with 227 projects worth over $4.2 billion. Cambodia ranked second with 129 projects capitalised at $2.7 billion, followed by Russia and Venezuela.
According to FIA, Vietnamese enterprises abroad still faced difficulties such as insufficient legal framework and slow implementation of many projects.
The agency asked for a legal framework to support enterprises on overseas investment to be completed, together with specific policies for investment in Laos and Cambodia. — VNS