In a stark contrast to 2023, which saw a 21.2-percent decline, total outward investment from Vietnam in 2024 surged by 57.7 percent to nearly US$664.8 million, which is the highest level in the 2019-2024 period.
This momentum has continued into 2025. In the first seven months of the year, 105 Vietnamese projects are granted overseas investment certificates with a total capital of $398.9 million, 3.2 times higher than the same period last year. There were 20 instances of projects adjusting capital with an adjusted capital increase of $129.6 million, 4.5 times higher than the same period last year.
In total, for the first 7 months of 2025, Vietnam’s total overseas investment, including both new and adjusted capital, reached $528.5 million, 3.5 times higher than the same period last year.
The top destinations for Vietnamese capital have been Laos ($150.3 million), the Philippines ($61.8 million), Indonesia ($60.5 million), Germany ($50.6 million), and the United States ($31.2 million).
According to Deputy Director Vu Van Chung of the Foreign Investment Agency (under the Finance Ministry), the landscape of this investment is also changing. “The focus has shifted from traditional sectors like agriculture and mining to high-value fields such as professional services, science and technology, manufacturing, and power distribution”, he noted.
In the early days, it was state-owned giants that dared to test these foreign waters. In 1989, Petrovietnam pioneered this movement with a joint venture in the Soviet Union, reaping fruitful results in the markets of Algeria, Venezuela, Peru, Malaysia as well.
Since then, the list of overseas investors has expanded dramatically to include major private corporations like Hoang Anh Gia Lai, FPT Software, Vinamilk, and TH True Milk. They have become important factors in the economies receiving the capital.
Viettel’s global expansion is perhaps the quintessential success story. As of early 2025, the group’s foreign markets have posted eight consecutive years of double-digit growth. It has already recouped its initial investment in five markets, with an overall payback rate of 85 percent, repatriating an impressive $467 million in 2024 alone.
Another standout is the Lao-Viet Joint Venture Bank (LaoVietBank), a partnership between Vietnam’s BIDV and Laos’ BCEL, which has become a leading financial institution and a critical “bridge” between the two economies.
However, the path to international success is not always paved with gold and roses. Even giants like Petrovietnam have faced high-profile project failures such as their projects in Venezuela, Peru, and Malaysia, while many of Hoang Anh Gia Lai’s overseas ventures have struggled due to unsustainable financial strategies and a lack of focused expertise.
A common complaint from the business community is the complex and time-consuming procedure for obtaining an overseas investment registration certificate.
Chairman Nguyen Anh Tuan of the Vietnam’s Association of Foreign Invested Enterprises (VAFIE), argues that this process acts as an outdated form of “pre-screening”. “It causes our businesses, especially small and medium-sized ones, to miss out on time-sensitive opportunities in the fast-paced international market”, he said.
The solution, supported by many experts and businesses, is a paradigm shift to move from a licensing model to one of registration and post-auditing. Under this proposal, an enterprise would simply register its investment and assume full responsibility, while the Government’s role would shift to post-project supervision.
“This would not only cut administrative red tape and give businesses more flexibility”, Chairman Tuan emphasized, “but it also aligns perfectly with the Party’s policy of supporting the private sector. It shows trust in our enterprises and encourages them to export capital, which in turn strengthens our national brand.”
Beyond regulatory reform, businesses also report a need for more practical support from Vietnamese diplomatic missions and trade offices abroad in providing market intelligence and facilitating networking. But for sustainable, long-term success, experts agree that the government must develop a comprehensive national strategy for outward investment, coupled with policies that encourage the repatriation of profits.
