Vietnamese overseas investment triples

Of the sum, US$144 million was from 21 newly-licensed projects, down 11.3% year-on-year, according to the Ministry of Planning and Investment.

Meanwhile, US$403.2 million was pumped into nine existing projects, surging 22-fold year-on-year, the ministry said.

A major part of the capital outflow – US$271 million - was poured into the science-technology sector, accounting for 49.5% of the total.

The wholesale and retail sector came next with US$148.4 million or 27%, following by the agro-forestry-fisheries sector and auxiliary services.

Fifteen countries received investment from Vietnam from January to May with the US the top receiver with US$303 million, holding the lion’s share of 55.4%.

It was followed by Cambodia with US$89.1 million or 16.3%. Next were Canada and France with US$32.1 million and US$32 million, respectively.

Vietnamese firms have increased their overseas investments in recent years to expand their global reach.

As of May 20, Vietnam had 1,420 valid overseas projects worth a total of nearly US$22 billion, mainly in the sectors of mining, with 36.4% of total capital, while agro-forestry-fisheries had 15.3%.

Laos was the largest receiver for Vietnam’s overseas investment, making up 24% of the total capital, followed by Cambodia (13.1%) and Russia (13%).