Vietnamese firms invest over US$430 million abroad in nine months

Business News

Vietnamese firms invest over US$430 million abroad in nine months

Friday, November 15,2019

AsemconnectVietnam - Domestic businesses have invested approximately US$431.7 million abroad during the first nine months of the year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Luring the largest proportion of investment from local enterprises has been the wholesale and retail sector which has enjoyed investment of US$110.6 million, accounting for 25.6 per cent of the total figure.

Following this, the science and technology sector ranked second with US$83.4 million, with the agro-forestry-aquatic sector with US$64.1 million of investment in third, followed by the real estate with US$56.9 million.

Among the 30 countries and territories globally that Vietnamese financiers were active in during the reviewed period, Australia proved to be the largest recipient with US$140.6 million, accounting for 32.6 per cent of the total figure, trailed by the United States with US$59.9 million, Spain with US$59.8 million, Cambodia with US$50.6 million, and Singapore with US$35.6 million.

These figures indicate that local firms have made great strides in injecting their money into new markets. Examples of this can be seen with US$4.8 billion of Vietnamese investment being put into Laos, followed by US$2.8 billion going into Russia.

Regionally, the country ranked fifth, after China, Thailand, the Republic of Korea, and Japan, in terms of financiers in Cambodia with US$3.2 billion of capital invested across 214 projects.

The nation’s investment in the regional partner mostly went into such sectors as agro-forestry, finance, banking, insurance, and telecoms.

At present, over 200 Vietnamese businesses, including popular brands such as Hoang Anh Gia Lai, the Joint Stock Commercial Bank for Investment and Development of Vietnam, Vietnam Ailrines, and Fastgo, are investing in Myanmar.

During a recent visit to Myanmar on June 18, Deputy Prime Minister Vuong Dinh Hue emphasized that Myanmar is fast becoming a strategic market for local firms, noting that the Myanmar government will create optimal conditions for Vietnamese enterprises to operate in the country.

Source: Vov.vn

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