Viet Nam’s overseas investment totalled US$570.1 million in the first seven months of 2021, a 2.3-fold increase from the same period last year, data from the Ministry of Industry and Trade’s Foreign Investment Agency (FIA) showed, reflecting Vietnamese firms’ efforts to expand in foreign markets.

In March, multi-sectoral giant Vingroup registered to invest in four new projects in France, the Netherlands, Canada and Singapore, and inject additional investment into projects in the US and Germany. The total amount of registered and added investment is estimated at $450 million.

It forms part of the conglomerate’s plan to go global, following the footsteps of military-run telecom group Viettel and dairy producers Vinamilk and TH. The group is also aiming to turn its subsidiary VinFast into one of the world’s leading electric and smart vehicle makers.

According to the Ministry of Finance, Vietnamese firms earned more than $7.02 billion in revenue from their overseas projects in 2019, up 27 per cent from the previous year. They brought back over $3 billion in profits while overseas retained earnings reached $400 million.

Major Vietnamese investors posted positive business results overseas in the first half of this year. Viettel Global generated nearly VND5.26 trillion (about $230 million) in gross revenue in the second half of the year, up 22 per cent year on year.

Vinamilk said its foreign branches’ gross revenue rose by 12.8 per cent year on year to VND859 billion from April to June. — VNS