Vietnamese businesses reap fruits in foreign markets

The military-run telecom giant Viettel announced the total amount of profit transferred to Vietnam from its foreign ventures was US$1.3 billion by the end of 2017.

Revenues from foreign investment, including sales of Viettel Global and the Peruvian market, exceeded VND38 trillion (US$1.7 billion) in 2017, showing a year-on-year rise of 38%, more than nine times the average growth rate of the global telecommunication industry.

In the second quarter of 2018, Viettel will launch services in Myanmar, its 10th foreign market after Cambodia, Laos, Timor Leste, Haiti, Peru, Mozambique, Cameroon, Burundi, and Tanzania.

Meanwhile, TH True Milk, a leading milk producer, said it is waiting for the first products from its first dairy farm in Russia, which was inaugurated earlier this year.

TH True Milk hopes to reap success like FPT – the largest information technology service company in Vietnam - has had in the US, Europe and Japan and Vinamilk in the US and Cambodia.

Effective business operation will encourage more Vietnamese businesses to invest abroad.

Apart from traditional markets such as Laos, Cambodia and Myanmar, Vietnamese businesses are expanding to other markets like Australia, New Zealand, the US, Canada, Haiti and Cameroon.

Major banks such as the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), the Military Bank (MB) and the Saigon-Hanoi Commercial Joint Stock Bank (SHB) are seeking to make inroads in new foreign markets.

According to the Foreign Investment Agency under the Ministry of Planning and Investment, finance and banking is leading the Vietnamese sectors in pouring investment abroad with newly-registered and increased capital of US$105 million in the first four months of this year, making up 68.3% of the country’s total investment in foreign markets.