In his remarks at a workshop in Hanoi on February 17 on overseas investment, Tuan underlined the need for Vietnamese businesses to grasp and abide by the law, prepare themselves to deal with changes of policies, and cultural differences in the host country to ensure their effective investment.
Over the past years, the country has encouraged business community to invest abroad, especially Laos and Cambodia, he noted, adding that the support of the Government has also been a significant factor contributing to success of Vietnamese firms in expanding their business abroad.
He also suggested investors share their experience and lessons.
Pham Quang Tu, a representative of Oxfam Vietnam, noted that Vietnam’s investment abroad has increased in both the number of projects and capital volume over the past years.
In 1989-2015, Vietnamese firms poured nearly US$21 billion in 1,049 projects overseas, he said, adding that Laos and Cambodia are the two traditional markets of Vietnam with highest numbers of investment projects. Mining was the sector that attracted the largest amount of Vietnamese capital, followed by agro-forestry-fisheries, said Tu.
However, Tu cited Oxfam’s survey which showed Vietnamese firms have faced many difficulties related to policy, land, and culture when investing abroad.
He suggested that investors should consult affected community during their operation in other countries, and urged that guidance be issued regarding corporate social responsibility in various fields and stages of investment.