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Local investors eye overseas projects   2010-08-03 - VNS

Vietnamese investors spent a total of US$400 million for 60 new and existing overseas projects during the first half of the year, according to the Ministry of Planning and Investment's Foreign Investment Agency.

Although the total amount declined compared to the same period last year, investment in overseas industry and retail sectors increased.

Vu Van Chung, deputy head of the Foreign Investment Agency's Foreign Investment Division, said the quality and effectiveness of overseas-investment projects were more important than the total number of projects or total investment volume.

Overseas investment projects also help to promote domestic production and exports, Chung added.

The agency is currently reviewing the implementation of 500 overseas projects worth more than $8 billion.

The department is reviewing all of the projects that have received investment licenses, especially those that used funds from the State budget.

Under the review, about 200 projects have submitted results of their operations.

The ministry is also collecting information and opinion from Vietnamese investors to amend Decree 78 on direct overseas investment.

The amendment aims to strengthen inspections of overseas projects and to simplify administrative procedures.

Most Vietnamese overseas projects are in industry, construction, agro-forestry, fisheries, oil exploration or services.

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