Vietnam outbound investment shrinks 64.6% to $147 mln in Jan-Aug

Outbound investment by Vietnamese companies dropped 64.6% year-on-year to $147.3 million in the first eight months of this year, according to government data.

They received licenses for 75 fresh projects totaling $148 million, down 39.4% year-on-year, and downsized 17 projects by $736.7 million, the General Statistic Office said in a monthly report on Friday.

Of the 14 sectors invested in the period, mining took the lead with $58.6 million, making up 39.8% of the total.

It was followed by manufacturing with $29.1 million; retail sales, wholesale, and vehicle repair with $24.7 million; science and technology with $20 million; diverse services with $10 million; and electricity, gas production and distribution, hot water, and air conditioning with $8 million.

Between January and August, Vietnamese firms invested in 25 countries and territories. Among them, the Netherlands was the biggest recipient with $54.6 million, accounting for 37.1% of the outbound investment.

Laos was the second largest destination with $37.8 million, followed by the UK with $19.8 million, and the U.S. with $18.6 million.

As of August, Vietnam had 1,757 projects overseas worth a combined $22.26 billion, focusing on mining (31.6% of the total) and agriculture, forestry, and aquaculture (15.5%), according to the Foreign Investment Authority under the Ministry of Planning and Investment.

Laos has been the largest recipient of Vietnamese capital, making up 24.7%, followed by Cambodia and Venezuela.

Military-run telco Viettel Group and state-owned energy firm Petrovietnam have made considerable investments overseas.