Vietnam invests 120 million USD abroad in three months hinh anh 1People register for services of Metfone, a Viettel brand in Cambodia. Cambodia is one of markets which received large investments of Vietnamese firms. (Photo: VNA)

Hanoi (VNA) - Vietnam’s total outbound investment in the first quarter of 2019 reached an estimated 120 million USD, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Of that number, 80.4 million USD was poured into 24 new projects while the remaining 39.6 million USD was pledged to eight existing projects.

The agency said the science and technology sector received the largest share of investment at 67.8 million USD, 56.5 percent of the total. It was followed by 36 million USD to the banking sector, accounting for 30 percent of the total and wholesale and retail sector with 10.7 million USD, or 8.9 percent.

Among the 18 countries and territories where Vietnamese investors were active in the first three months of the year, Spain was the largest recipient with 59.8 million USD, followed by Cambodia and the US, which received 37.9 million USD and 11 million USD, respectively.

Experts forecast that Vietnamese overseas investment will continue to increase if the world economy stays stable. Meanwhile, free trade agreements which Vietnam has joined could help drive local enterprises to seek investment opportunities in foreign markets thank to tax cuts.-VNA