Vietnam to review overseas investments

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The Ministry of Planning and Investment has asked Vietnamese companies investing abroad to report their business projects in an attempt to review capital outflows, Tuoi Tre newspaper reported Monday.

All reports have to be submitted by April 15, the newspaper said, noting that the focus of the review is on state-owned enterprises.

Economist Vo Tri Thanh of the Central Institute for Economic Management said the government encouraged local companies to invest overseas during 2007-2008, when the economy had ample capital sources.

Now that the country is facing difficulties with foreign-currency supplies, it's necessary to assess the feasibility of overseas investment projects, he said.

Until the end of February this year, Vietnamese companies had invested in 575 projects in 55 countries with a total registered capital of US$10 billion.

The mining sector had made the highest investments of $4.3 billion in 88 projects, followed by the agriculture-forestry sector which invested $1.8 billion.

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