HCM City attracted US$7.07 billion in foreign direct investment (FDI) during 2018, a rise of 7 per cent on-year, according to the HCM City People’s Committee.
During 2018, HCM City organized over 200 trade and investment promotional events domestically and abroad through trade fairs and exhibitions.
The city also worked alongside over 300 delegations including trade promotion agencies, businesses as well as both local and foreign investors from the Republic of Korea, Japan, Thailand, the US and Canada to gain a better understanding into the environment and investment projects in HCM City.
Additionally, a number of online and direct dialogues between businesses and local authorities were held to answer and business queries in terms of tax, investment and information technology.
Trade and investment promotion activities have been implemented since the beginning of the year, therefore helping to support the city’s economic restructuring and increasing the proportion of export for processed products with a high value.
These activities, in particular, have contributed to increasing investment attraction and improving trust from businesses in the country’s investment and business climate.
For example, the total registered and additional capital reached over VND995 trillion, up 7.2 per cent against the same period last year.
Of which, 44,126 businesses were newly established with a total registered capital of VND537 trillion, a 6% rise in the quantity of businesses which accounted for 89% of registered capital compared to the corresponding period last year.
The city has also granted investment licenses to 950 FDI projects with a value of US$800 million, a 12.4% increase in new projects and equal to 34 per cent of investment capital against the same period last year.
During 2019, the city hopes to implement solutions to improve the quality of growth and the national economy’s competitive edge.
This will take place along with the restructuring of the economy in an in-depth and effective manner with the aim of creating a favourable and healthy investment climate to facilitate creativity among startups, and urge businesses to apply advanced technologies to production.
The city also aims to establish 46,200 new businesses, including households being transformed into businesses.