Connectivity crucial for success of Vietnamese investors abroad hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Thorough preparations and good connectivity are among crucial factors for enterprises to be successful when investing in other countries, according to Dau Anh Tuan, head of the Legal Affairs Department at the Vietnam Chamber of Commerce and Industry (VCCI).

Addressing a workshop in Hanoi on February 17 on overseas investment, Tuan said that Vietnamese firms should also fully understand and abide by the law in the host country to ensure their effective investment.

At the same time, they should prepare themselves to deal with changes of policies in the host countries as well as cultural differences, he said.

In the last several years, Vietnam has encouraged business community to invest abroad, especially Laos and Cambodia, he noted, adding that the support of the Government has also been a significant factor contributing to success of Vietnamese firms in expanding their business abroad.

He also stressed the need for investors to share their experience and lessons.

Pham Quang Tu, a representative of Oxfam Vietnam, noted that Vietnam’s investment abroad has increased in both the number of projects and capital volume over the past years.

In 1989-2015, Vietnamese firms invested nearly 21 billion USD in 1,049 projects overseas, he said, adding that Laos and Cambodia are the two traditional markets of Vietnam with highest numbers of investment projects. Mining was the sector that attracted the largest amount of Vietnamese capital, followed by agro-forestry-fisheries, said Tu.

However, Tu cited Oxfam’s survey which showed Vietnamese firms have faced many difficulties related to policy, land, and culture when investing abroad.

He suggested that investors should consult affected community during their operation in other countries, and urged that guidance be issued regarding corporate social responsibility in various fields and stages of investment.-VNA