Vietnam Time

9/1/2019 10:43:05 PM

Vietnamese firms invest nearly US$440 million abroad

Vietnamese businesses have invested nearly US$440 million abroad since the beginning of this year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
 

A harbour in Australia. The country received the largest share of Vietnamese outbound investment in the first eight months of this year (Photo: AFP)

Of the sum, around US$340 million was poured into 102 newly licensed projects while the remaining US$99.6 million was injected into 23 already operating projects.

In the first eight months of the year, the wholesale and retail sector lured the largest share of Vietnamese investment with US$97 million, accounting for 22% of the total.

The agro-forestry-fishery sector ranked second with US$89 million, making up 20% of the total, and the science and technology sector came third with US$84 million or equivalent to 19%, followed by real estate trading with US$72 million or 16%.

Among the 30 countries and territories where Vietnamese investors were active from January to August, Australia was the largest recipient with US$179 million or 41% of the total, mainly thanks to two large-scale projects of TH Group worth a total of US$88.5 million, the FIA said, adding that the projects are in agriculture and dairy farming.

Australia was followed by Spain which attracted US$60 million or 14%. Other destinations for Vietnamese investments were the US (US$46.3 million or 11.2%), Cambodia (US$39 million or 9%) and Singapore (US$36 million or 8%).

Experts forecast that Vietnam’s overseas investment would continue to increase if the world economy stays stable. Meanwhile, free trade agreements which Vietnam has joined could help drive local enterprises to seek investment opportunities in foreign markets thanks to tax cuts.

VNF  ( VNA )
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