Vietnamese businesses are expected to look into overseas projects in mining, industrial crop cultivation and processing industries.
According to MPI statistics Vietnam invested in 465 projects worth US$7.73 billion in more than 50 countries and territories by the end of 2009.
Processing and manufacturing industries were at the top of the list with 102 projects worth US$429 million.
“This year, traditional markets including Laos, Cambodia, Russia, Malaysia and Algeria will still be attractive destinations for Viet Nam investors,” the MPI said.
“However, businesses will also expand their investments to the US, South Korea and Singapore.”
The Vietnamese government has also confirmed a plan to provide incentives for projects involving energy, power, petroleum, mining and the cultivation of crops used in industries such as rubber, cotton and palm oil.
The Vietnam Business News reported that under a Ministry of Finance draft tax circular, Vietnamese businesses investing abroad will also be exempt from export and value-added taxes levied on machinery, equipment and other materials used for their projects.
Overseas Vietnamese firms will also not have to pay taxes on products made abroad and imported back into Vietnam.
Source: Vietnam Business News, Vietnam Ministry of Planning and Investment
