Connect with us

What are you looking for?

ECONOMY

FIA: Vietnam’s overseas investment sees 2.3-fold rise in seven months

Production at a Vinamilk factory.

Vietnam’s overseas investment totalled 570.1 million USD in the first seven months of 2021, a 2.3-fold increase from the same period last year, data from the Ministry of Industry and Trade’s Foreign Investment Agency (FIA) showed, reflecting Vietnamese firms’ efforts to expand foreign markets.

In March, multi-sectoral giant Vingroup registered to invest in four new projects in France, the Netherlands, Canada and Singapore, and inject additional investment into projects in the US and Germany. The total mount of registered and added investment is estimated at 450 million USD.

It forms part of the conglomerate’s plan to go global, following the footsteps of military-run telecom group Viettel and dairy producers Vinamilk and TH. The group is also aiming to turn its subsidy VinFast into one of the world’s leading electric and smart vehicle makers.

According to the Ministry of Finance, Vietnamese firms earned more than 7.02 billion USD in revenue from their overseas projects in 2019, up 27 percent from the previous year. They brought back over 3 billion USD in profits while overseas retained earnings reached 400 million USD.

Major Vietnamese investors posted positive business results overseas in the first half of this year. Viettel Global generated nearly 5.26 trillion VND (about 230 million USD) in gross revenue in the second half of the year, up 22 percent year on year.

Vinamilk said its foreign branches’ gross revenue rose by 12.8 percent year on year to 859 billion VND from April to June.

VNA