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Vietnam Investment News

Vietnam Business » Vietnam Investment News » More efforts to raise quality of overseas investments

More efforts to raise quality of overseas investments

The Foreign Investment Agency (FIA) said it is monitoring the progress of 500 overseas investment projects, worth a total of 8 billion USD. The move is to check on the efficiency of the projects, especially State-funded ones.

"The important thing is not just quantity but the quality of the projects and how effective they are, especially in helping local exporters," said Vo Van Chung, the FIAs Deputy Head of the Overseas Investment Division.

According to the FIAs statistics, nearly 60 overseas Vietnamese investment projects were newly licensed or allowed to raise capital with a total investment of 400 million USD in the first half of the year.

Compared to the same period last year, investment capital has dropped, however, the quality of investments has improved with focus on major economic sectors such as industry and retail services, Chung said.

Apart from such big names as the Hoang Anh Gia Lai Group, the Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank), the Bank for Investment and Development of Vietnam (BIDV) and the Army Telecoms Corporation (Viettel), several enterprises have begun to invest overseas.

The Truong Thanh Furniture Corporation has recently signed a MoU with a South African partner to build a 30 million USD wood processing plant in the city of Umshwathi .

It also plans to grow 10,000 ha of forests in South Africa s Kwazulu Natal province.

Although many other markets offer favourable investment conditions, Vietnamese enterprises are cautious before making their decisions, as they are keen to ensure the effectiveness of the projects.

The Truong Thanh corporation is also considering carrying out trade promotion or investing directly in projects in South Africa .

Saigontourist has not yet reached an agreement with its US partner on the cost of a 252-room hotel in San Francisco in the US after two years of negotiations, however, the company is still pursuing the project.

A company representative confirmed that it will not make any hasty decisions, though the transaction could lay the foundations for its real estate operations in Japan and Hong Kong in the future.

To facilitate its overseas investment, FIA is collecting feedback from businesses for the amendment of Decree 78/2006/ND-CP on the issue, which provides enterprises with guidelines on how to prepare an application to speed up investment registration procedures.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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