More efforts to raise quality of overseas investments
The Foreign Investment Agency (FIA) said it is monitoring the progress
of 500 overseas investment projects, worth a total of 8 billion USD.
The Foreign Investment Agency (FIA) said it is monitoring the progress
of 500 overseas investment projects, worth a total of 8 billion USD.
The move is to check on the efficiency of the projects, especially State-funded ones.
“The important thing is not just quantity but the quality of the projects and how effective they are, especially in helping local exporters,” said Vo Van Chung, the FIA’s Deputy Head of the Overseas Investment Division.
According to the FIA’s statistics, nearly 60 overseas Vietnamese investment projects were newly licensed or allowed to raise capital with a total investment of 400 million USD in the first half of the year.
Compared to the same period last year, investment capital has dropped, however, the quality of investments has improved with focus on major economic sectors such as industry and retail services, Chung said.
Apart from such big names as the Hoang Anh Gia Lai Group, the Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank), the Bank for Investment and Development of Vietnam (BIDV) and the Army Telecoms Corporation (Viettel), several enterprises have begun to invest overseas.
The Truong Thanh Furniture Corporation has recently signed a MoU with a South African partner to build a 30 million USD wood processing plant in the city of Umshwathi .
It also plans to grow 10,000 ha of forests in South Africa ’s Kwazulu Natal province.
Although many other markets offer favourable investment conditions, Vietnamese enterprises are cautious before making their decisions, as they are keen to ensure the effectiveness of the projects.
The Truong Thanh corporation is also considering carrying out trade promotion or investing directly in projects in South Africa .
Saigontourist has not yet reached an agreement with its US partner on the cost of a 252-room hotel in San Francisco in the US after two years of negotiations, however, the company is still pursuing the project.
A company representative confirmed that it will not make any hasty decisions, though the transaction could lay the foundations for its real estate operations in Japan and Hong Kong in the future.
To facilitate its overseas investment, FIA is collecting feedback from businesses for the amendment of Decree 78/2006/ND-CP on the issue, which provides enterprises with guidelines on how to prepare an application to speed up investment registration procedures./.
The move is to check on the efficiency of the projects, especially State-funded ones.
“The important thing is not just quantity but the quality of the projects and how effective they are, especially in helping local exporters,” said Vo Van Chung, the FIA’s Deputy Head of the Overseas Investment Division.
According to the FIA’s statistics, nearly 60 overseas Vietnamese investment projects were newly licensed or allowed to raise capital with a total investment of 400 million USD in the first half of the year.
Compared to the same period last year, investment capital has dropped, however, the quality of investments has improved with focus on major economic sectors such as industry and retail services, Chung said.
Apart from such big names as the Hoang Anh Gia Lai Group, the Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank), the Bank for Investment and Development of Vietnam (BIDV) and the Army Telecoms Corporation (Viettel), several enterprises have begun to invest overseas.
The Truong Thanh Furniture Corporation has recently signed a MoU with a South African partner to build a 30 million USD wood processing plant in the city of Umshwathi .
It also plans to grow 10,000 ha of forests in South Africa ’s Kwazulu Natal province.
Although many other markets offer favourable investment conditions, Vietnamese enterprises are cautious before making their decisions, as they are keen to ensure the effectiveness of the projects.
The Truong Thanh corporation is also considering carrying out trade promotion or investing directly in projects in South Africa .
Saigontourist has not yet reached an agreement with its US partner on the cost of a 252-room hotel in San Francisco in the US after two years of negotiations, however, the company is still pursuing the project.
A company representative confirmed that it will not make any hasty decisions, though the transaction could lay the foundations for its real estate operations in Japan and Hong Kong in the future.
To facilitate its overseas investment, FIA is collecting feedback from businesses for the amendment of Decree 78/2006/ND-CP on the issue, which provides enterprises with guidelines on how to prepare an application to speed up investment registration procedures./.
You should also see
PM chairs meeting of national committee for digital transformation
Prime Minister Pham Minh Chinh chaired the eighth meeting of the National Committee for Digital Transformation on April 24, which aims to assess digital transformation efforts and development of the digital economy in recent times and discuss tasks and solutions for accelerating the work in 2024.
See more
Business
Businesses concerned about rising exchange rate pressure
Though the State Bank of Vietnam (SBV) has announced it is selling the US dollar to intervene in the USD/VND exchange rate since April 19, the greenback price has remained high, which has been directly affecting many domestic enterprises.
Business
Pepper prices continue increase trend
Pepper prices are forecast to soon exceed 100,000 VND per kilo on the domestic market.
Business
French auction house to open office in Vietnam
France’s Millon Auction House has decided to open its representative office in Vietnam, and is preparing necessary steps for the official opening of the office in the near future.
Business
3,400 taels of SJC-branded gold bars successfully auctioned
The State Bank of Vietnam auctioned 16,800 taels of SJC-branded gold bars in Hanoi on April 23. This is the first auction of this kind in 11 years.
Business
HCM City seeks to draw remittances in infrastructure
A seminar aimed at channeling overseas remittances into infrastructure took place in Ho Chi Minh City on April 23, given that remittances to the city reached 9.46 billion USD in 2023, nearly three times higher than foreign direct investment (FDI), according to official statistics.
