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Local firms eye lucrative foreign investments
The Foreign Investment Agency said 2010 would be a lucrative year for Vietnamese firms to launch projects and partnerships abroad.
Anticipating a profitable year, the Hoang Anh Gia Lai Group, which has already invested in real estate in Thailand and Cambodia, plans to launch joint venture projects to build deluxe apartments and hotels and plant rubber trees in Laos with a combined investment capital of US$20 million.
The military telecoms corporation Viettel has seen profits soar after investing in the region. It is currently negotiating to buy a 60 per cent stake in Bangladesh's mobile phone network Teletalk and a 70 per cent stake in Haiti's cellphone network Teleco. The total investment for the deals is estimated at $359 million.
Viettel launched the Metfone mobile service network in Cambodia in February last year and just one month later, together with the Laos Asia Telecom Company, it launched the Unitel mobile phone network in Laos. At present, Unitel is the largest telecoms service provider in Laos with more than 900 base transceiver stations, making up 35 per cent of all stations in the country.
Overseas investment from Vietnamese businesses reached a record $7.73 billion in 2009, 6 billion of which was poured into Cambodia – the biggest recipient of Vietnamese investment capital,
Vietnamese businesses are also expanding their activities in developed countries, such as Japan, the US, South Korea and Singapore.
Their projects – which previously focused on mining, afforestation, hydro-electricity, telecoms and infrastructure construction – are now expanding into aviation, banking, insurance and real estate.
With the Government's help, local banks have opened branches in countries where Vietnamese businesses have investment projects to help settle capital difficulties and money-transfer procedures.
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