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Vietnamese businesses on a mission to conquer overseas markets

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(VOVWORLD) - As of January 20, Vietnam had more than 1,700 active overseas investment projects with a combined capital of more than 22 billion USD, according to the Foreign Investment Agency under the Ministry of Planning and Investment. Domestic firms’ efforts to penetrate foreign markets is part of a mission to make Vietnam a developed, high-income country by 2045.
Vietnamese businesses on a mission to conquer overseas markets - ảnh 1 Unitel, an affiliate of Viettel Global in Laos, records a 32% growth rate in the 2nd quarter of 2023. (Photo: laodongcongdoan.vn)

Vietnamese businesses have invested in 79 countries and territories worldwide, focusing on 16 industries and sectors.

Tangible successes

Vietnam’s most successful overseas investments are in the field of information technology. According to the Ministry of Information and Communications, more than 1,500 Vietnamese tech firms are earning revenue from abroad, up 4% from 2022.

Viettel Global, an affiliate of Viettel Group, is an example. Viettel Global fetched a record 3.6 billion USD from foreign markets last year, exceeding its annual plan by 105%. The company now provides telecom services in 10 countries with a total population of 270 million including nearly 100 million customers. Viettel Global holds the largest share in 6 markets. Its success has contributed to making Viettel the only Southeast Asian telecommunications brand on the Brand Finance Global 500 ranking. 

“From among the 10 markets that Viettel leads in market share: 4 are in Asia, 1 is in Africa, and 1 is in South America. Our average annual growth rate is over 20%, five times higher than the industry’s average,” said Ha The Duong, Deputy CEO of Viettel Global.

In addition to telecommunications services, Viettel Global is also focused on developing ewallets, primarily in Africa and the Americas.

Meanwhile, the Vietnam Dairy Products Joint Stock Company (Vinamilk) is the 6th most valued business in the global dairy industry with a brand value of 3 billion USD. Its products are now available in nearly 60 countries and territories, including markets notorious for high quality standards including the United States, Japan, and South Korea.

In the 2022-2026 period, Vinamilk continues to expand its investments in foreign branches, such as Driftwood in the USA, Lao-Jagro Development in Laos, Angkormilk in Cambodia, and the joint venture Del Monte-Vinamilk in the Philippines.

Vietnamese businesses on a mission to conquer overseas markets - ảnh 2Vinamilk signs a collaboration agreement with six leading global nutrition corporations on April 20, 2023. (Photo: sggp.org.vn)

In April last year, Vinamilk became the first Vietnamese dairy firm to collaborate with six leading global nutrition corporations.  

“We cannot rely solely on our own equipment and human resources to achieve international quality. Collaboration with major world corporations will enable us to mass-produce products with higher quality and more competitive prices,” said Vinamilk CEO Mai Kieu Lien.

The successes of Viettel Global and Vinamilk have demonstrated the vision and capabilities of domestic businesses, while contributing to Vietnam’s international integration and economic restructuring.

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