Sharing experience for success of Vietnamese investors abroad
Vietnamese firms should fully understand and abide by the law in the host country to ensure their effective investment, head of the Legal Affairs Department at the Vietnam Chamber of Commerce and Industry Dau Anh Tuan suggested at the recent workshop in Hanoi on overseas investment.
According to the report of the Ministry of Planning and Investment (MPI) at a recent workshop on Vietnamese investment in agriculture in the Greater Mekong Subregion held in Hanoi, Vietnamese enterprises have invested nearly US$21.4 billion in 1,188 projects in 70 countries and territories around the world.
Some of the largest recipients of Vietnamese investment are Laos and Cambodia, with US$5.12 billion in 270 projects and US$2.89 billion in 191 projects, respectively.
Russia and Africa are also promising markets for Vietnamese investment.
The areas that Vietnamese firms have poured capital into are primarily agriculture, forestry, telecommunications, mining and healthcare.
According to the MPI’s overseas investment department, a number of policies have been introduced to facilitate overseas investment.
For projects with capital under VND800 billion (US$35.2 million) and not on the list of conditional businesses, licences will be granted within 15 days without the need to ask for approval of the National Assembly or Prime Minister.
For projects requiring the National Assembly or Prime Minister’s approval, the Ministry of Planning and Investment will grant investment licences after three days.
Speaking at the workshop, head of the Legal Affairs Department at the VCCI Dau Anh Tuan highlighted that thorough preparations and good connectivity are among key factors for Vietnamese enterprises to invest successfully in other countries.
He said that Vietnamese companies should also fully understand and abide by the law in the host country to ensure their effective investment.
Besides, they should prepare themselves to deal with changes of policies in the host countries as well as cultural differences, Tuan added.
He also emphasised the need for investors to share their experience and lessons.
In the last several years, Vietnamese Government has encouraged business community to invest abroad, especially Laos and Cambodia, he noted.
The support of the Government has also made a significant contribution to success of Vietnamese firms in expanding their business abroad, he said.
Pham Quang Tu, a representative of Oxfam Vietnam, noted that Vietnam’s overseas investment 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.
He added that Laos and Cambodia are the two traditional markets of Vietnam with highest numbers of investment projects. Mining was the sector that attracted the biggest amount of Vietnamese capital, followed by agro-forestry-fisheries.
However, Tu cited Oxfam’s survey which pointed out 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.
At the workshop.
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Russia and Africa are also promising markets for Vietnamese investment.
The areas that Vietnamese firms have poured capital into are primarily agriculture, forestry, telecommunications, mining and healthcare.
According to the MPI’s overseas investment department, a number of policies have been introduced to facilitate overseas investment.
For projects with capital under VND800 billion (US$35.2 million) and not on the list of conditional businesses, licences will be granted within 15 days without the need to ask for approval of the National Assembly or Prime Minister.
For projects requiring the National Assembly or Prime Minister’s approval, the Ministry of Planning and Investment will grant investment licences after three days.
Speaking at the workshop, head of the Legal Affairs Department at the VCCI Dau Anh Tuan highlighted that thorough preparations and good connectivity are among key factors for Vietnamese enterprises to invest successfully in other countries.
He said that Vietnamese companies should also fully understand and abide by the law in the host country to ensure their effective investment.
Besides, they should prepare themselves to deal with changes of policies in the host countries as well as cultural differences, Tuan added.
He also emphasised the need for investors to share their experience and lessons.
In the last several years, Vietnamese Government has encouraged business community to invest abroad, especially Laos and Cambodia, he noted.
The support of the Government has also made a significant contribution to success of Vietnamese firms in expanding their business abroad, he said.
Pham Quang Tu, a representative of Oxfam Vietnam, noted that Vietnam’s overseas investment 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.
He added that Laos and Cambodia are the two traditional markets of Vietnam with highest numbers of investment projects. Mining was the sector that attracted the biggest amount of Vietnamese capital, followed by agro-forestry-fisheries.
Illustrative image
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However, Tu cited Oxfam’s survey which pointed out 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.
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