Last update: 11:31 | 27/12/2018
Vietnamese companies kicked off 149 new projects overseas in 2018, with total capital of $376.1 million, according to the latest report from the Ministry of Planning and Investment (MPI) released on December 24.
Thirty-five existing projects also added capital, totaling $56 million. New and additional capital therefore stood at $432.1 million for the year.
Banking and finance ranked first, with total new and additional capital of 105.7 million, accounting for 24.4 per cent of the total. The wholesale and retail industry ranked second, with $82.9 million, or 19.1 per cent, followed by agriculture, forestry, and fisheries, with $52.3 million, or 12.1 per cent, and processing and manufacturing with $50.9 million, or 14.2 per cent.
Thirty-eight countries and territories received investment from Vietnam, led by Laos with $81.5 million, or 18.8 per cent of total. Australia ranked second, with $55.5 million, or 12.8 per cent, followed by the US with $52.9 million, or 12.2 per cent, then Cambodia, Slovakia, and Cuba.
Overseas investment over the last 30 years has helped Vietnam strengthen international economic cooperation. Vietnamese companies have also had the opportunity to expand their products in foreign markets in the context of a saturated local market and avoid trade protection barriers in recipient countries.
Outward investment will continue to increase strongly in the future, according to local analysts, and relevant agencies need to strengthen administrative procedure reform for such investment, increasing the autonomy and self-responsibility of investors. Agencies also need to enhance investment promotion, strengthen support and consultation, and provide useful information on FDI activities.
Close cooperation with the governments of host countries also needs to be improved upon, in regard to information exchange, policy and mechanism building, and the effective exploitation of resources to create a transparent and stable investment and business environment. Periodic and non-periodic contacts between the government and Vietnamese entrepreneurs and businesses and Vietnamese embassies, consulates, and overseas missions need to be processed more quickly, while any pressing issues must be promptly and effectively dealt with.
VN Economic Times