Logo of Phnom Penh Post newspaper Phnom Penh Post - VN investment abroad triples in January-May

VN investment abroad triples in January-May

Content image - Phnom Penh Post
The Kingdom received $89.1 million in investment from Vietnam from January to May, accounting for 16.3 per cent of the country’s total outbound investment capital. VIETTEL

VN investment abroad triples in January-May

Vietnamese firms poured $546.7 million into overseas projects in the first five months of 2021, more than triple the figure of the same period last year.

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

Meanwhile, $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 – $271 million – was poured into the science-technology sector, accounting for 49.5 per cent of the total. The wholesale and retail sector came next with $148.4 million or 27 per cent, 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 $303 million, holding the lion’s share of 55.4 per cent. It was followed by Cambodia with $89.1 million or 16.3 per cent. Next were Canada and France with $32.1 million and $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 $22 billion, mainly in the sectors of mining, with 36.4 per cent of total capital, while agro-forestry-fisheries had 15.3 per cent.

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

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be