Ha Noi (VNA) – Overseas investment by major State-owned enterprises is on the rise due to investment promotion policies and simplified administrative procedures, according to the Ministry of Planning and Investment.

An official from the ministry who declined to be named predicted that Vietnamese businesses would invest an average of over 500 million USD a year overseas during 2008-10.

Vietnamese enterprises last year invested 391.2 million USD overseas in 64 projects, bringing total investment overseas during 1988-2007 to 1.39 billion USD.

So far in 2008, the Viet Nam Automobile industry Group (Vinamotor) has announced a plan to invest about 200 million USD in four projects in Venezuela and the Dominican Republic . Among these projects were plants to manufacture cement mixers, light trucks and motorbikes.

PetroVietnam has already committed to a 1.8 billion USD hydroelectric project in Laos , with plans to get a number of projects off the ground in the neighbouring state in the near future. PetroVietnam has opened a representative office in Laos to explore oil and gas projects in Pakse and Vientiane , a petroleum, depot and warehouse in southern Laos , and some mining projects.

Several other enterprises involved in food and wood processing and telecommunications are also preparing to make investment abroad.

Le Cong Dinh from DC Lawyers Co said that dozens of businesses have sought legal advice on overseas investments, including seafood firms seeking to invest in the US market.-Enditem