HCM City attracts USD2.15 billion FDI in six months

Created 19 June 2017
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HCM City has attracted US$2.15 billion in foreign direct investment (FDI) in the first half of 2017, double the amount from the same period last year.

A corner of the Sài Gòn Hi-Tech Park. — VNA/VNS Photo Phương Vy

 

As much as $375 million has come in for 340 new projects, while another $346 million has come through 91 existing projects, its People’s Committee said.

The southern economic hub has also permitted 915 foreign investors to contribute capital to, buy shares or repurchase capital contributions in local firms for a total sum of $1.15 billion.

According to the city’s People’s Committee, $124 million, or 33.1 per cent of the capital of new FDI projects, has gone into the processing and manufacturing sectors; $110 million, or 29.4 per cent, was invested in wholesale and retail, and automobile and motorbike maintenance businesses; and $56.23 million, or 15 per cent, in the information and communications industry.

Its largest investor in the first half of this year has been South Korea, accounting for 26.9 per cent of the total FDI. It is followed by Japan at 14.1 per cent, Malaysia at 12.1 per cent and Singapore at 11.1 per cent.

To facilitate FDI investments, the city’s Department of Planning and Investment offers online investment registration services for foreign investors.

Nguyễn Thị Thu Hoa, deputy director of the department, said that in the first six months of this year, the department received 612 online applications. Currently, it is working on the second phase of a project to provide more investment procedures online to foreign investors.

The city is hoping to attract prestigious businesses in the high-technology sector, to engage in research, training and incubation activities.

 

Source: VNS

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