Vietnamese businesses invested US$458.8 million in 31 foreign markets in the first 11 months of 2019, reported the Foreign Investment Agency under the Ministry of Planning and Investment.
According to a report on Vietnam Insider, in the reviewed period, US$353.8 million was invested in 148 new projects, while US$105 million was added to 29 underway ones, mainly on mineral development, agro-forestry, aquaculture, and electricity.
Related: Investment Consulting services in Vietnam
Retail and wholesale was the most attractive sector for Vietnamese investors in 11 months, which attracted 25.8% of the total capital the firms invested abroad.
Meanwhile, agro-forestry-fisheries ranked second with a 14.3% share, and IT came third with 13.1%, according to the agency.
Australia drew the highest amount of capital from Vietnam at US$141.3 million, accounting for 30.8% of the total, followed by the US, Spain and Cambodia.
Vietnam’s overseas investment began in the 1990s and has increased steadily despite the global economic crisis. Experts say the increase of overseas investment will help Vietnamese enterprises expand markets amidst domestic market saturation. Meanwhile, free trade agreements which Vietnam has joined could help drive local enterprises to seek investment opportunities in foreign markets thank to tax cuts.