Ministry demands more support for Vietnamese investors abroad

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A rubber plantation owned by Hoang Anh Gia Lai Group in Laos

Vietnamese companies investing abroad have not received support from authorities, the Ministry of Industry and Trade has admitted in a report.

It said that Vietnamese embassies, consulates, and trade commission offices in many countries do not even know about Vietnamese firms doing business there.

Many investors too fail to keep them updated on their activities.

Vietnamese investors thus become competitors when there are problems in the local business environment.

The ministry called for setting up an overseas investment promotion agency on the lines of Japan's JETRO and South Korea's KOTRA or amend regulations to ensure government agencies provide more support.

Vietnam is focused on attracting foreign investment instead of the other way round, it said.

Vietnamese firms have invested US$15.5 billion in 59 countries and territories.

Mining top the list of industries they have invested in, accounting for 30 percent of the amount, followed by agricultural processing and electricity.

Laos has attracted the largest amount of more than $4.2 billion.

Cambodia, Russia, and Venezuela also account for large amounts, while Vietnamese firms also have a presence in Africa and even some developed countries like the US, Australia, and Japan.

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