Ho Chi Minh City lures US$2.3 billion in first nine months

Friday, 2016-09-30 12:18:22
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NDO/VNA – The southern metropolis of Ho Chi Minh City has attracted US$2.3 billion in foreign direct investment in the first nine months of this year.

Accordingly, as many as 587 new projects worth more than US$751 million have been licensed, up 45.3% in volume and down 68.2% in value year-on-year. Up to 125 projects registered for capital increase with a total value of more than US$377 million.

The city also allowed 1,294 foreign investors to buy shares and contribute capital to businesses, amounting to approximately US$1.18 billion.

Twenty investors made deposits of US$15 million to their projects, in compliance with the recently-amended Investment Law.

The real estate sector absorbed US$319.2 million, equivalent to 42.5%- the largest share of the total FDI capital. It was followed by wholesale and retail and repair of automobiles and motorbikes with US$228.5 million, accounting for 30.4%. The manufacturing and processing sector makes up 10.2% with US$76.7 million, down 86.2% annually.

According to the municipal authorities, the city is focusing on hi-tech manufacturing by promoting research and training in combination with upgrading infrastructure and protecting the environment.

A number of foreign-invested projects are still on the waiting list for licences, namely the Republic of Korea’s Thu Thiem eco smart city worth US$900 million, and two estate projects of the Cayman Islands worth US$300 million and US$220 million, respectively.

During the period, the city recorded nearly 26,500 new domestic businesses with a total registered capital of VND215 trillion (US$9.77 billion), up 17.4% in number and 48.6% in capital.

At the same time, more than 39,600 businesses raised their capital by a combined VND145 trillion (US$6.52 billion).