Vietnamese businesses had invested US$1.2 billion in 227 projects abroad by the end of August, reported the Foreign Investment Agency under the Ministry of Planning and Investment.

Most of the projects focused on industry, which accounted for 65 per cent of the total capital, followed by those in agriculture and services.

Laos remained the most attractive destination for Vietnamese investors as it attracted 80 projects capitalised at $559 million, followed by Cambodia, which saw 24 projects totalling $81 million.

Surprisingly, Algeria was a major benefactor. It hooked a $243 million oil and gas deal – one of the biggest projects invested overseas by Vietnamese businesses to date.

An increasing number of domestic companies have invested or expanded into foreign countries, said the department, adding that most projects are still small in scale.

The agency forecast that Vietnamese businesses would invest a total of $350 million overseas in 2007, a year-on-year increase of 25 per cent.

The Ministry of Planning and Investment is set to organise a tour to study investment environments in Russia and its neighbouring nations.

BVOM, (11-09-2007)