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Thursday, June 8, 2023

Vietnam has over 1,500 projects abroad

The Saigon Times

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HCMC – As of April 20, Vietnam had got involved in 1,549 operational projects abroad, with a total investment of US$21.5 billion.

The country made outbound investment mainly in the mining and agro-forestry-fishery sectors, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

In the first four months of the year, Vietnamese firms poured over US$328 million into their new projects and operational ones, up 60% year-on-year, the local media reported.

Thirty-four new projects received investment certificates overseas with total registered capital of nearly US$286 million, double the figure seen in the same period last year.

The spike was partially due to five major projects newly licensed for investment in the United States, Canada, France, Germany and the Netherlands, with registered capital of over US$34 million each. Vines Energy Solutions JSC has invested in these projects.

Between January and April, many projects received additional investment. A Vingroup-invested project in the United States was adjusted up by US$300 million in investment, while a Cambodia-based project of Indochina Rubber Investment and Development Company saw its investment increase by US$76 million and another project invested by Vinfast in Germany had its investment revised up US$32 million.

Vietnamese firms made outbound investment in 11 sectors, with the manufacturing and processing industry receiving the most capital with eight newly-licensed projects at some US$204.4 million, making up over 62% of the country’s total outbound investment.

The mining sector came second with US$33.5 million, followed by the finance-banking industry and the wholesale-retail sector.

Among the 14 that received investment from Vietnam in the first four months of 2022, Laos took the lead with total registered capital of US$64.5 million poured into a new project and three operational ones, followed by Singapore with some US$36 million and the United States.

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