Ho Chi Minh City ranks first in FDI attraction in five months

Friday, 2018-06-08 17:38:16
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NDO/VNA - Ho Chi Minh City was the most attractive destination in FDI attraction in the first five months of this year, with US$2.39 billion, or 24.2% of the total investment in the period, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

The northern port city of Hai Phong ranked second with US$1.07 billion, accounting for 10.8%, followed by Hanoi with US$835.3 million, or 8.4%.

The agency reported that in the first five months of this year, 53 cities and provinces in the country attracted US$9.9 billion of FDI, equivalent to 81.6% of that in the same period last year.

Of which, the processing and manufacturing industry lured US$5.18 billion, or 52.3%, while real estate earned US$1.07 billion, and the retail and wholesale sector attracted US$1.02 billion.

Notably, LG Innotek added US$501 million to its factory in Hai Phong, raising the total investment in the project to US$1.05 billion, while Regina Miracle International Vietnam injected an additional US$260 million into its sportswear factory.

Economists have stated that the increase of investment in projects in equipment and garments will provide more opportunities for domestic enterprises to learn from FDI firms and take advantage of their strengths. This is also what Vietnamese businesses need to do to enhance their competitiveness and engage deeper into global supply chains.

So far this year, 86 countries and territories have invested in Vietnam, led by the Republic of Korea with US$2.63 billion, accounting for 26.5% of the total FDI, followed by Japan with US$1.52 billion and Singapore with US$1.11 billion.