A report recently released by the Government on the implementation of the National Assembly’s resolutions on finance points out operational effectiveness and efficiency of Vietnam’s overseas investment projects.

Customers register for Halotel service - Viettel's company in Tanzania.

According to the report, Vietnam’s total overseas investment in 2019 reached $12.2 billion, mainly for telecommunications and petrol industries. Viettel, Vietnam Oil and Gas Group, and the Vietnam Rubber Group were the three largest Vietnamese overseas investors.

According to a report from the Committee for the Management of State Capital, Viettel and its subsidiary, the Viettel Global Investment Joint Stock Company (Viettel Global), invested in ten telecommunications projects in Cambodia, Laos, Mozambique, Timor Leste, Cameroon, Burundi, Tanzania, Haiti, Myanmar, and Peru, and three development research projects in France, the U.S., and Russia. Viettel’s recent telecommunications projects in African nations started their commercial operation and brought profits while its projects in Haiti, Mozambique, and Cameroon also began paying.

By December 31, 2019, nine Vietnamese overseas investors had earned and remitted $2.9 trillion to their home country. In 2019 only, Viettel made up $114 million out of the total remittance value of $434 million that all Vietnamese overseas investors, sent home.

The report also revealed that the total profits from Vietnam’s overseas projects in 2019 reached $583 million, a 7% increase compared to that of 2018.

Translated by Tran Hoai