HCM City’s FDI attraction doubles in Jan-Oct
Ho Chi Minh City, the southern economic hub, attracted US$5.04 billion in foreign direct investment (FDI) in the first 10 months of 2017, a two-fold increase year on year.
According to the municipal Department of Planning and Investment, in the period, there were 681 newly-registered projects totalling US$1.89 billion, while US$703.4 million was added to 184 existing projects.
About 1840 foreign investors were licensed to pour US$2.43 billion into buying stakes and contributing charter capital to existing companies.
Among sectors, real estate attracted the most FDI with US$1.01 billion, three times higher than that of the same period last year. It was followed by the manufacturing and processing sector with over US$473 million or a year-on-year 5.7-fold rise.
The Republic of Korea remained the biggest investor in Ho Chi Minh City with US$1.03 billion, followed by the US (US$255 million), Singapore (US$137 million) and Japan (US$121 million).
During January-October, the city had 33,839 newly-established enterprises with a total registered capital of over VND457 trillion (US$20.1 billion), up 13.2% in number and 88.7% in capital compared with the same period last year.
The city has made efforts to encourage business households to turn into businesses. To date, 1,629 business households have switched to enterprises.