Laos tops the list as the most appealing investment destination, receiving 3.4 billion USD worth of investment, followed by Cambodia with 2.1 billion USD and Venezuela with 1.8 billion USD.

Other countries attracting large-scale investment from Vietnam include Russia , Peru , Malaysia , and Mozambique ranging from 345 to 776 million USD.

In 2011, Vietnam authorised 75 outbound investment projects in 26 countries and territories, and adjusted investment capital for 33 investment projects, the Foreign Investment Agency said.

New outbound investment in 2012 are expected to reach 2.12 billion USD, with large-scale projects in the energy and communication sectors in areas targeted by the Vietnamese Government.

Some of the biggest overseas projects this year will include the 806 million USD Se San II hydropower plant in Cambodia, an expansion of an operation worth 408 million USD by military-run Viettel company in Peru, and the 275.2 million USD Se Kong 3 hydropower plant in Cambodia.

Last year, State-owned enterprises invested 950 million USD in outbound investment projects in other countries.

PetroVietnam is the highest outbound investor with 347 million USD, followed by Viettel with 185 million USD, the Vietnam Rubber Corporation with 134.6 million USD and Song Da Corporation with 161 million USD.

Deputy Minister of Planning and Investment Nguyen The Phuong said outbound investment included paying Vietnamese contractors and purchasing commodities and services from Vietnam to use abroad.

Phuong said to tighten lending and investment capital in foreign currencies, the Ministry of Planning and Investment has asked the State Bank of Vietnam to enhance supervision and monitoring of commercial banks lending in foreign currencies. Investors had to arrange investment capital by borrowing from foreign banks instead of transferring investment capital abroad.

In 2011, the Ministry appointed three inter-ministerial inspection teams to review businesses and corporations with investment projects abroad