Seminar introduces tool to mitigate risks in overseas investment

A seminar on the risks and challenges in law abidance for Vietnam’s overseas investments was held in Hanoi on January 10. 

Speaking at the event, head of the Vietnam Chamber of Commerce and Industry (VCCI)’s Department of Legal Affairs Dau Anh Tuan said Vietnam’s newly-registered overseas capital increased by 357.5 million USD during 11 months last year. Laos, Cambodia, and Myanmar ranked first, second, and eighth among Vietnam’s top business destinations. 

Babeth Ngoc Han Lefur, Country Director of Oxfam Vietnam said the number of agricultural projects in the Greater Mekong Sub-region (GMS) is increasing, impacting local lives positively and negatively. Despite the creation of new jobs, localities will also lose their traditional means of livelihood, thus affecting their daily way of life.

As social and environment impacts hurt the sustainable development of businesses and residents, Oxfam, the VCCI, and the People and Nature Reconciliation Centre (PanNature) are prompted to promote principles and good practices towards responsible investment in agriculture in the GMS, thus ensuring the sustainable lives and livelihoods of local residents. 

On the occasion, researchers and members of PanNature, VCCI, and Oxfam Vietnam introduced the document “Voluntary instructions: Mitigating environmental-social risks to Vietnamese investing abroad in agriculture in the GMS”. 

The document is based on the experience of six voluntary firms and the United Nations’ guiding principles on business and human rights. 

Tuan said the document follows the step-by-step process in overseas investment to help investors mitigate risks, as well as a list of helpful addresses to connect parties concerned together. 

PanNature Director Trinh Le Nguyen said the document will be helpful to Vietnamese agricultural firms in GMS countries, especially Laos and Cambodia.

Source: VNA