HCM City posts continued FDI expansion in five months
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.
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| Producing electronic components at the Japanese-invested Nidec Sankyo Vietnam Co. Ltd in the Saigon Hi-tech Park |
Processing and manufacturing attracted the biggest foreign investment, US$127.79 million, accounting for 32.4% of total capital and rising by 4.2% year on year. Property business ranked second with US$121.66 million, making up 31% of the total and rising threefold.
About US$78.47 million was poured into the wholesale, retail and repair of automobiles, motors, motorcycles and other motorised vehicles, which made up 20% of total FDI, down 15.4% 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 US$111 million, accounting for 28.2% of total capital. It was followed by Singapore (US$100.85 million, 25.6%), Norway (US$70.08 million, 17.8%), Japan (US$39.18 million, 10%), and Hong Kong of China (US$30.5 million, 7.7%).
Ninety-three FDI projects raised their capital by US$258.48 million, up 14.8% in project number and down 10.3% in investment capital.
The city also permitted 882 foreign investors to register US$1.19 billion 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 VND185.5 trillion (US$8.1 billion) were set up in HCM City, up by 6.5% in the business number but falling 4.3% in registered capital, the Department of Planning and Investment noted.
