Vietnam invests US$120 million abroad in three months

Of that number, US$80.4 million was poured into 24 new projects while the remaining US$39.6 million was pledged to eight existing projects.

The agency said the science and technology sector received the largest share of investment at US$67.8 million, 56.5 percent of the total. It was followed by US$36 million to the banking sector, accounting for 30 percent of the total and wholesale and retail sector with US$10.7 million, or 8.9 percent.

Among the 18 countries and territories where Vietnamese investors were active in the first three months of the year, Spain was the largest recipient with US$59.8 million, followed by Cambodia and the US, which received US$37.9 million and US$11 million, respectively.

Experts forecast that Vietnamese overseas investment will continue to increase if the world economy stays stable. Meanwhile, free trade agreements which Vietnam has joined could help drive local enterprises to seek investment opportunities in foreign markets thank to tax cuts.