50 Vietnamese ventures abroad
Ha Noi, Feb. 6 (VNA) -- Viet Nam now has 50 investment ventures in 17 countries and territories, including five joint oil and gas development projects between PetroVietnam and Lao, Mongolian, Indonesian and Malaysian partners, an Investment and Planning Ministry official said.
Viet Nam's overseas investment has boomed following a 1999 Government decree governing overseas investment by Viet Nam's entrepreneurs, the official told Dau Tu, Investment, newspaper. He explained that 24 of the 45 non-oil and gas ventures were licensed between 1999 and 2000.
Laos is the most attractive place for Vietnamese investment with 17 projects followed by Russia, eight; Cambodia, three; Singapore, three; Hong Kong, two; and the U.K., two.
The official said most of the investment capital was used to process timber, produce fine art, handicrafts, construction materials and instant noodles; engage in commerce; and build roads, bridges and houses.
Almost all overseas investment projects were conducted by small to medium - sized businesses.
Viet Nam's combined invested capital was estimated at USD 11.3 million, or about 40 percent of the total registered capital for these 45 projects.
The official said Viet Nam's overseas investment was intended to help broaden the country's economic, technical and commercial ties with foreign countries. Therefore, profits were not a prime concern of Vietnamese entrepreneurs.--VNA
