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VietNamNews

VN invests $10.8b overseas

Update: January, 05/2012 - 10:31

 

Lao young people access 3G internet through Unitel, a joint-venture between Lao Asia Telecom and Vietnamese Viettel Telecom Group. Laos tops the list of Viet Nam's most appealing oversea investment destinations. — VNA/VNS Photo Hoang Chuong
HA NOI — Viet Nam committed a total of US$10.8 billion of investment in 627 projects in 55 countries and territories around the world by the end of last year, the Ministry of Planning and Investment's Foreign Investment Agency reports.

Laos tops the list as most appealing investment destination, receiving $3.4 billion worth of investment, followed by Cambodia with $2.1 billion and Venezuela with $1.8 billion.

Other countries attracting large-scale investment from Viet Nam include Russia, Peru, Malaysia, and Mozambique ranging from $345 to $776 million.

In 2011, Viet Nam authorised 75 outbound investment projects in 26 countries and territories, and adjusted investment capital for 33 investment projects, the Foreign Investment Agency said.

New outbound investment in 2012 are expected to reach $2.12 billion, with large-scale projects in the energy and communication sectors in areas targeted by the Vietnamese Government.

Some of the biggest overseas projects this year will include the $806 million Se San II hydropower plant in Cambodia, an expansion of an operation worth $408 million by military-run Viettel company in Peru, and the $275.2 million Se Kong 3 hydropower plant in Cambodia.

Last year, State-owned enterprises invested $950 million in outbound investment projects in other countries.

PetroVietnam is the highest outbound investor with $347 million, followed by Viettel with $185 million, the Viet Nam Rubber Corporation with $134.6 million and Song Da Corporation with $161 million.

Deputy Minister of Planning and Investment Nguyen The Phuong said outbound investment included paying Vietnamese contractors and purchasing commodities and services from Viet Nam to use abroad.

Phuong said to tighten lending and investment capital in foreign currencies, the Ministry of Planning and Investment had asked the State Bank of Viet Nam to enhance supervision and monitoring of commercial banks lending in foreign currencies. Investors had to arrange investment capital by borrowing from foreign banks instead of transferring investment capital abroad.

In 2011, the Ministry appointed three inter-ministerial inspection teams to review businesses and corporations with investment projects abroad. — VNS

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