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Vietnam boosts investment overseas
Vietnamese businesses now have 317 investment projects operating in 35 countries and territories, mostly in Asia, with a total registered capital of US$2.5 billion. The figure is expected to reach US$500 million in 2008, up 20 percent from 2007.
Improved procedures and a new legal framework are forecast to allow Vietnamese enterprises to raise their offshore investment steadily by 20 percent annually until 2010.
The Ministry of Planning and Investment (MPI) is streamlining administrative procedures to give businesses more flexibility in investing overseas. Agencies in charge of the work at various levels will be empowered to issue investment licenses, instead of the sole Foreign Investment Agency (FIA) at present.
In addition, the ministry will submit to the PM a project to “assist and encourage Vietnamese businesses to make offshore investment”. Under the project, the State will assist businesses to invest in certain strategic markets including Laos, Cambodia and Russia and in key sectors such as oil, power generation and mining.
VOV
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