Seminar introduces tool to mitigate risks in overseas investment

At the event (Source: VNA)

Hanoi (VNA) – A seminar on the risks andchallenges in law abidance for Vietnam’s overseas investments was held in Hanoion January 10.

Speaking at the event, head of the Vietnam Chamber ofCommerce and Industry (VCCI)’s Department of Legal Affairs Dau Anh Tuan saidVietnam’s newly-registered overseas capital increased by 357.5 million USDduring 11 months last year. Laos, Cambodia, and Myanmar ranked first, second,and eighth among Vietnam’s top business destinations.

Babeth Ngoc Han Lefur, Country Director of Oxfam Vietnam saidthe number of agricultural projects in the Greater Mekong Sub-region (GMS) isincreasing, impacting local lives positively and negatively. Despite thecreation of new jobs, localities will also lose their traditional means oflivelihood, thus affecting their daily way of life.

As social and environment impacts hurt the sustainabledevelopment of businesses and residents, Oxfam, the VCCI, and the People andNature Reconciliation Centre (PanNature) are prompted to promote principles andgood practices towards responsible investment in agriculture in the GMS, thusensuring the sustainable lives and livelihoods of local residents.

On the occasion, researchers and members of PanNature, VCCI,and Oxfam Vietnam introduced the document “Voluntary instructions: Mitigatingenvironmental-social risks to Vietnamese investing abroad in agriculture in theGMS”.

The document is based on the experience of six voluntaryfirms and the United Nations’ guiding principles on business and human rights.

Tuan said the document follows the step-by-step process inoverseas investment to help investors mitigate risks, as well as a list ofhelpful addresses to connect parties concerned together.

PanNature Director Trinh Le Nguyen said the document will behelpful to Vietnamese agricultural firms in GMS countries, especially Laos andCambodia. –VNA

VNA