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

Production at a Vinamilk factory. (Photo: VNA)

Hanoi (VNA) – Vietnam’s overseas investmenttotalled 570.1 million USD in the first seven months of 2021, a 2.3-foldincrease from the same period last year, data from the Ministry of Industryand Trade’s Foreign Investment Agency (FIA) showed, reflecting Vietnamesefirms’ efforts to expand foreign markets.

In March, multi-sectoral giant Vingroup registered toinvest in four new projects in France, the Netherlands, Canada and Singapore,and inject additional investment into projects in the US and Germany. The totalmount 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 dairyproducers Vinamilk and TH. The group is also aiming to turn its subsidy VinFast intoone of the world’s leading electric and smart vehicle makers.

According to the Ministry of Finance, Vietnamese firmsearned more than 7.02 billion USD in revenue from their overseas projects in2019, up 27 percent from the previous year. They brought back over 3 billionUSD in profits while overseas retained earnings reached 400 millionUSD.

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

Vinamilk said its foreign branches’ gross revenue rose by12.8 percent year on year to 859 billion VND from April to June./.

VNA