HCM City posts continued FDI expansion in five months - HCM City posts continued FDI expansion in five months - Website Ho Chi Minh City
Ho Chi Minh City recorded expanding foreign direct investment (FDI) in the first five months of 2018 thanks to effective trade and investment promotion activities, said the municipal Department of Planning and Investment.
During the period, 330 projects worth 393.92 million USD received investment registration certificates, up 16.6 percent in the project number and 14.7 percent in investment capital from the same period last year.
Processing and manufacturing attracted the biggest foreign investment, 127.79 million USD, accounting for 32.4 percent of total capital and rising by 4.2 percent year on year. Property business ranked second with 121.66 million USD, making up 31 percent of the total and rising threefold.
About 78.47 million USD was poured into the wholesale, retail and repair of automobiles, motors, motorcycles and other motorised vehicles, which made up 20 percent of total FDI, down 15.4 percent from the same period last year.
Meanwhile, the Republic of Korea was the largest foreign investor in the southern economic hub of Vietnam in the five months with 111 million USD, accounting for 28.2 percent of total capital. It was followed by Singapore (100.85 million USD, 25.6 percent), Norway (70.08 million USD, 17.8 percent), Japan (39.18 million USD, 10 percent), and Hong Kong of China (30.5 million USD, 7.7 percent).
Ninety-three FDI projects raised their capital by 258.48 million USD, up 14.8 percent in project number and down 10.3 percent in investment capital.
The city also permitted 882 foreign investors to register 1.19 billion USD to contribute capital, buy shares and buy capital owned by domestic investors in businesses.
Between January and May, 16,493 new enterprises with total registered capital of 185.5 trillion VND (8.1 billion USD) were set up in HCM City, up by 6.5 percent in the business number but falling 4.3 percent in registered capital, the Department of Planning and Investment noted.