Vietnam invested over $347.3 mn overseas during Jan-Sept 2022: MPI

18 Oct '22

1 min read

Pic: Shutterstock/ Hien Phung Thu

Vietnam invested more than $347.3 million in 80 new projects overseas in the first nine months of 2022, which was a 2.31 per cent increase year-on-year. The nation’s current investments in around 1,584 overseas projects have surpassed $21.6 billion, according to the ministry of planning and investment (MPI). The government has spent money in 13 sectors abroad during the period.

More than $291.6 million (55.2 per cent of the total) was spent on the processing-manufacturing industry including textile-garment manufacturing. Among the 24 countries that received Vietnamese investment during January to September 2022, Laos emerged as the top destination after which came Singapore, the US, Germany, and the Netherlands.

“Overseas investment by Vietnamese firms is growing and can surpass $1 billion per year in the future, from about $700 million at present,” Vietnam Association of Foreign Invested Enterprises chairman Nguyen Mai was quoted as saying by various Vietnamese media reports.

The increase in new overseas investments is partially ascribed to five big projects worth more than $34.68 million each by the Vines Energy Solutions JSC in the US, Canada, France, Germany, and the Netherlands.

Fibre2Fashion News Desk (NB)

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