HCM City absorbs US$3.7 billion in FDI in 2016
Ho Chi Minh City absorbed US$3.7 billion in new foreign direct investment (FDI) so far this year, including expansion and acquisitions, according to the municipal People’s Committee.
Specifically, US$1.3 billion was poured into 713 new investment projects, and 174 existing foreign-invested firms raised their capital by a combined US$465.6 million. Besides, the city gave permission to 1,900 foreign investors to acquire stakes in local firms worth approximately US$1.9 billion.
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Regarding newly-licensed projects only, the real estate sector attracted a big portion of capital with US$326.8 million, followed by wholesale and retail, automobile with US$245.8 million. When classified by countries, Taiwan (China) led with US$259.7 million, Japan came next with US$123.4 million and Singapore was third with US$108.5 million.
Meanwhile, FDI disbursement so far this year was around VND47 trillion (US$2.07 billion), equivalent to the amount recorded in the same period last year.
The People’s Committee said the municipal agencies are working to process submitted FDI projects as fast as possible. Some remarkable pending projects are a US$300 million plan by Japan’s Nipro Pharma, and a US$220 million investment made by Cayman Islands in the Saigon-Ba Son office-hotel-trade complex.
As of now, Ho Chi Minh City is home to 6,485 valid FDI projects capitalized at US$40.99 billion.
