Vietnamese businesses invested US$129 million in 34 new overseas projects in the first four months of this year, statistics from the Ministry of Planning and Investment revealed.

During the reviewed period, the firms also added $24.6 million into existing projects abroad, according to the data.

Finance and banking topped Vietnam’s overseas investments with the total new and additional capital reaching $105 million, accounting for 68.3 per cent of total investment capital abroad.

The processing and manufacturing industries came second with 13.2 per cent, followed by the retail and wholesale sectors and others.

From January to April, Vietnamese enterprises injected investments in 19 countries and territories. Of which, Laos ranked first with $80.12 million. Cambodia and Cuba were the runners-up with $25.9 million and $19.9 million, respectively.

The flow of Vietnamese overseas investment is likely to increase more significantly in the time to come, according to an official of the Vietnam University of Commerce.

In order to encourage Vietnamese firms to invest abroad, the state and relevant sectors should foster co-operation with the governments of countries where the firms have investments with a focus on creating a transparent and stable investment climate for businesses, she said.

Promoting investment and providing domestic firms with effective information about overseas investment should also be included, the official added.

She also emphasised the importance of hosting frequent dialogues among governments, Vietnamese enterprises, embassies, trade offices abroad, consulates and trade unions to solve difficulties the firms have encountered in a timely manner. As far as businesses are concerned, she said, they need to study the laws and policies of the country where they want to invest.

Besides drawing up effective investment strategies for specific countries, they should sharpen their competition and management capacities, speed up the technological appliance and develop new products to gain more profits when investing abroad, she added. –Viet Nam News

New train route to start service in Cambodia

Cambodia’s Ministry of Public Works and Transport (MPWT) expects to begin service on a 107-kilometre train route from Battambang to Pursat on May 29, saying on their Facebook page that officials are actively working on restoring the track.

“Our officials are working tirelessly, both day and night, to begin the train service through the plan that will [be launched] in May this year,” MPWT said in its Facebook page.

Once operational, the Battambang-Pursat line will follow on the heels of the opening of a 58-kilometre stretch between the border town of Poipet and Banteay Meanchey province’s Mongkul Borey, which was inaugurated on April 29.

With Pursat and Battambang connected by rail, the ministry then plans on restoring the 134-kilometre stretch of track from Pursat to Bat Doeng, in Kampong Speu’s Oudong district.

The remaining 32 kilometres from Bat Doeng to Phnom Penh was scheduled to be completed last, and a passenger service from Phnom Penh to the Thai border at Poipet was set to be available by the end of the year, Transportation Minister Sun Chanthol said in April. – The Phnom Penh Post

Five oil contractors seek extension

Five out of six existing oil contractors In Indonesia have submitted their proposals to extend their contracts to operate various oil blocks, according to an Energy and Mineral Resources Ministry official.

“All existing contractors have submitted their proposals, except Conocophillips. The company will submit its proposal with a gross-split scheme,” the ministry’s oil and gas director general, Djoko Siswanto, said in Jakarta on Monday as reported by kontan.co.id.

He added that Conocophillips currently operates South Jambi Block.

Under new government regulations, oil and gas contractors are required to change their contracts from cost recovery to a gross-split scheme.

The five contractors that have submitted their proposals are state-owned oil and gas company Pertamina for Salawati Block, PT Energi Mega Persada for Malaka Strait block, Chevron Indonesia for Makassar Strait Block, Petrogas for Kepala Burung Block and Lapindo Brantas Inc. for Brantas Block.– The JakartaPost