HANOI, 6th March, 2023 (WAM) -- Vietnam's outbound investments reached US$115.1 million in the first two months of this year, 2.16 times higher than the same period last year, according to the General Statistics Office (GSO) under the Ministry of Planning and Investment.

According to the state news agency (VNA), $109.4 million of the sum was poured into ten new projects, a 2.1-fold rise year-on-year. Meanwhile, four other projects increased their capital by nearly $5.7 million.

Notably, Vietnamese conglomerate Masan Group's subsidiary The Sherpa received a licence to place $105 million in Singapore-based tech firm Trust IQ Pte. Ltd. The project is part of Masan's strategic goal by 2025 to create a consumer-retail-technology ecosystem.

Vietnamese firms invested in 10 sectors abroad, including information communications, services, wholesale and retail, health care, processing and manufacturing.

Singapore was the biggest recipient of the investments, with a combined capital of $105.5 million poured into a new project and another existing one.

As of February 20, Vietnam counted 1,617 valid overseas projects valued at more than $21.89 billion, with 141 by State-invested firms worth some $11.67 billion, making up 53.3% of the total.

Laos, Cambodia and Venezuela lured the most Vietnamese investments, mainly in mining, and agriculture, forestry and fishery.