Many Vietnamese enterprises with low competitiveness in capital and technologies have invested in choosy and emerging markets abroad with high hopes of success.

In early 2010, the military telecom group Viettel announced that it had bought 60 percent of stake of Haiti telecom company, Natcom and jointly with other foreign investors won the bid for a 29 million USD contract to provide mobile phone services in Mozambique .

Viettel expected that the two projects will help promote the image of the group and of Vietnamese businesses in the African market.

Viettel has also obtained success with Metfone in Cambodia and Unitel in Laos .

Meanwhile, the National flag carrier, Vietnam Airlines entered a joint venture with the Cambodian Royal Government to establish Cambodia Angkor Air with an investment capital of 51 million USD.

The national oil and gas group PetroVietnam is pouring into 25 projects 2.35 billion USD in oil and gas exploration, exploitation and development in Russia , Venezuela and countries in Latin America and North Africa .

According to the Ministry of Planning and Investment, since 1998 Vietnamese enterprises have had 558 investment projects abroad with a combined registered capital of over 7.56 billion USD, scattered through “strange” and “difficult” markets.

However, small scale investment brought little benefits. The benefits and capital recovery capacity of many projects have been low, averaging just 0.46 percent in the 1989-2010 period.

Viettel, a leading telecom firm in Vietnam , only announced its benefits in 2010, four years after first investing in Laos and Cambodia .

Phan Huu Thang, former Director of the Foreign Investment Agency under the Ministry of Planning and Investment said that all investment projects needed time, especially those in oil and gas, hydro-power, telecom and forestry plantations. In addition, benefits depend on investment scale, project duration and the local investment environment.

Thang expressed optimism that together with the development of businesses, overseas investment from Vietnam would certainly be more eventful and effective in the future./.