Vietnamese firms repatriate $430 mln profits from abroad

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Profits so far repatriated by Vietnamese companies operating abroad are worth US$430 million, news website VnExpress quoted the Ministry of Investment and Planning as saying January 4.

Many of the 712 operations in 60 countries and territories have achieved profits, mainly from rubber, telecom, and oil and gas exploration, the ministry said without naming the companies.

The overseas investments, mainly by state-owned companies, totaled $12.4 billion, and were worth $1.3 billion last year alone, a 28 percent jump from the previous year.

Do Nhat Hoang, head of the Overseas Investment Department, was quoted by the news website as saying that investment in neighboring countries like Laos, Cambodia, and Myanmar is increasing.

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The three are "suitable" for investment since they dovetail with Vietnam's own investment orientation, and the government is considering issuing regulations for doing business in those countries, he said.

Foreign investment is expected to increase to $1.5 billion this year.

Laos is the most popular country with Vietnamese companies, 222 of whom operate there.

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