In the first seven months of 2026, Vietnam's registered overseas investment capital reached $2.36 billion, 4.5 times higher than a year earlier and about 73% above the full-year 2025 figure, underscoring the rapid expansion of Vietnamese investment abroad.

Data from the National Statistics Office (NSO) and the Foreign Investment Agency (FIA) under the Ministry of Finance show that Vietnamese overseas investment has been growing rapidly in recent years.

Capital of newly registered projects and additional capital of those already operating totaled $664.8 million in 2024, up 57.7% from the previous year. In 2025, the figure rose to $1.362 billion, an 88.7% increase.

The pace accelerated further in 2026. According to the NSO, Vietnam approved 106 new overseas investment projects in the first seven months, with total registered capital of $1.17 billion, 2.9 times the level a year earlier. Twenty-three existing projects increased their capital by an additional $1.19 billion, 9.2 times higher than in the same period of 2025. Combined new and additional capital reached $2.36 billion, 4.5 times the year-earlier figure.

The seven-month total was already about 73% higher than the full-year 2025 figure and more than 3.5 times the 2024 level.

From launching new projects to expanding overseas presence

The shift is evident not only in the total amount of capital but also in the balance between new and additional investment. In the first seven months of 2026, new investment stood at $1.17 billion, while additional capital for existing projects reached $1.19 billion, accounting for more than half of total registered investment during the period.

The trend follows a shift that emerged in 2025. An annual report of the Vietnam’s Association of Foreign-Invested Enterprises (VAFIE) showed that private-sector companies launched 90 overseas investment projects in 2025, down 24.4% from the previous year, but registered capital rose 11.7% to $659.1 million.

VAFIE said the figures reflected a move toward concentrating resources on larger projects rather than spreading investment across smaller ventures.

The sectoral breakdown in 2026 also shows that large capital flows are increasingly tied to infrastructure and supply chains.

Transport and warehousing attracted more than $601.6 million in the seven months, accounting for 25.5% of total investment. Electricity and gas production and distribution ranked second with more than $585.8 million, or 24.8%, while agriculture, forestry and fisheries more than $487.3 million, or 20.6%. Construction received nearly $209 million, equivalent to 8.8%.

Together, the four sectors accounted for nearly 80% of Vietnam's overseas investment in the period.

This differs significantly from Vietnam's accumulated overseas investment portfolio. By the end of July 2026, mining remained the largest sector, with more than $7 billion, or 27% of the total. Agriculture, forestry and fisheries accounted for more than $3.8 billion, or 15%, while information and communications over $2.9 billion, or 11%.

The figures indicate that the composition of new capital is gradually diverging from the accumulated portfolio. Resource extraction remains a major component of Vietnam's long-term overseas investment, but 2026 capital flows have been increasingly concentrated in transport, logistics, energy and agriculture.

VAFIE identified the growing link between overseas investment and production and supply chains as early as 2025. Besides energy, significant capital was directed to manufacturing, trade, transport and warehousing, suggesting that companies are increasingly integrating their overseas operations with production, logistics and import-export activities.

Investment models are also becoming more diverse. Military-run tech giant Viettel has expanded abroad through telecommunications infrastructure and digital services while localizing its brand. Another tech firm, FPT, has internationalized its technology services while expanding into AI, cloud computing and data analytics.

Milk producer TH Group has built livestock farming, processing and branding operations in host markets, while state-owned Petrovietnam has invested in resources as part of its long-term energy strategy.

EV maker VinFast, a subsidiary of conglomerate Vingroup, is another notable example of the shift toward building direct production capacity overseas. In 2025, the company brought two overseas factories into operation.

Its Tamil Nadu plant in India was inaugurated in August, with a first-phase designed capacity of 50,000 vehicles a year and a commitment to invest up to $500 million over five years. In December, its plant in Subang, Indonesia, began operations with a first-phase capacity of about 50,000 vehicles a year.

In the U.S., VinFast had spent about $301.2 million on its North Carolina factory project by the end of 2025 and currently aims to begin production in 2028.

The projects show VinFast moving beyond vehicle exports to establish production facilities, supply chains and a direct presence in overseas markets.

VAFIE has characterized the shift as a move from "going abroad to seek opportunities" to "going abroad to build a position." Companies are no longer simply selling products or setting up representative offices, but are gradually building infrastructure, brands, technology and value chains in host countries.

ASEAN remains a focus as investment map expands

The geographic reach of Vietnamese overseas investment continues to widen, although the largest capital flows remain concentrated in regional markets.

In the first seven months of 2026, Vietnamese companies invested in 35 countries and territories. Laos ranked first with more than $638.2 million, accounting for 27% of total investment, followed by Cambodia with over $449.8 million, or 19%, and Indonesia with $308.6 million, or 13.1%.

The three markets accounted for about 59% of total registered capital, showing that ASEAN and neighboring markets remain central even as investment destinations become more diversified.

Compared with 2025, the concentration of investment in Laos has declined. By the end of December 2025, Laos had accounted for about 51% of Vietnam's total overseas investment, followed by the Philippines 8.1%, the United States 6.5%, and Indonesia 6.1%.

In the first seven months of 2026, Laos's share fell to 27%, while Cambodia and Indonesia gained ground. Although movements within a single period are not enough to establish a long-term trend, they indicate that new capital is being distributed more broadly across the region.

Across the entire portfolio, Vietnamese companies now have a much wider international footprint. By the end of July 2026, Vietnam had 2,075 valid overseas investment projects with total registered capital of more than $26.1 billion across 88 countries and territories.

The expansion is taking place along two tracks. Companies continue to tap geographically close and established markets such as Laos, Cambodia and ASEAN, while also expanding into the U.S., Japan, South Korea, Europe and more technologically advanced economies.

However, faster growth in investment does not necessarily translate into a corresponding increase in investment efficiency. VAFIE said many firms remain constrained by financial scale, international experience, and risk-management capabilities.

Some projects have been slow to implement or have faced difficulties related to market conditions, regulations or policy changes in host countries. In some cases, the monitoring of capital transfers and the repatriation of capital and profits remains untimely.

Cross-border investment also exposes companies to currency, political and policy risks, differences in legal systems and higher management costs. Oil and gas, mining and agriculture face additional risks from commodity prices and natural conditions.

Vietnam's domestic regulatory framework is also being adjusted. Government Decree 103/2026/ND-CP on overseas investment, which took effect on April 3, 2026, sets out rules on investment conditions, funding sources, procedures, reporting requirements, and the management of overseas investment activities.

Overseas investment is becoming an increasingly significant component of the internationalization of Vietnamese businesses. Capital is rising, existing projects are expanding, and new investment is becoming more closely tied to logistics, energy, manufacturing and supply chains.

After a period of rapid growth in scale, the more important test will be whether Vietnamese companies can turn overseas investment into cash flows, stronger competitiveness, and a lasting position in international markets.