Vietnam invests $14bn in projects overseas

Vietnam's firms have invested a total of 14 billion U.S. dollars in 60 countries and territories, according to the Ministry of Planning and Investment (MPI) on Thursday. Statistics by the MPI's Foreign Investment Agency showed that overseas investment by Vietnamese companies is on the rise and mostly focused on the mining, agricultural, telecoms, and consumer products sectors. In 2012, 84 projects with a combined registered capital of 1.4 billion dollars were given the green light while nine others were allowed to increase their investment by 132.25 million dollars, according to the agency. Some 712 Vietnamese firms have invested in foreign countries, with the Vietnam National Oil and Gas Group (PetroVietnam) being the largest investor. The group has invested 6.5 billion dollars in 18 overseas projects, including Russia, Peru and Venezuela, reported the ministry.