[MIFAcafe]

As of the end of May, 518 foreign investors in Vietnam have secretly returned to their home countries, leaving behind a number of unmanaged facilities that have registered a total of US$903 million as foreign direct investment.

Still, this shocking figure does not fully reflect the situation, as it fails to include statistics from several localities like Ho Chi Minh City and Phu Yen Province, the Ministry of Planning and Investment said in a report.

Most of these fleeing investors are from China and South Korea, whose businesses are operating in the construction, trading, software, restaurant, and realty sectors, according to the ministry.

These FDI businesses defaulted on employee wages and payments with partners, and have evaded taxes. Some even mobilized capital from their Vietnamese partners and illegally transferred it to their home countries, causing huge economic damage.

The planning ministry thus urged amendments to the foreign investment laws, saying it is necessary to have foreign investors pay a deposit before they are granted land plots or investment licenses.

It also asked local governments to assist laborers who are now unemployed due to the runaway foreign investors.