Nearly US$5 billion in FDI poured into HCM City
- Japanese food and goods fair to open in HCM City
- Korean book copyright festival to open in HCMC
- HCM City listed as third best Asian tourist spot in 2018
According to the municipal Department of Planning and Investment, the city granted new investment licenses to 553 projects worth US$508.25 million in the period under review. Besides, it also allowed 148 existing projects to increase capital by US$453.38 million, a respective year-on-year increase of 27.6% and 13.3%.
Local authorities also approved 1,628 foreign investors to carry out procedures to contribute capital, purchase shares, and buy back capital of US$3.73 billion contributed by domestic enterprises.
The Republic of Korea made up the lion’s share of foreign investment in HMC City with 30%, followed by Singapore (22%), Norway (13.8%), and Japan (10.4%).
Investment was mainly poured into real estate (47.6%), science and technology (19.5%), wholesale and retail and repair of automobiles, motorcycles and other vehicles (8.1%), processing and manufacturing industry (7.7%), accommodation and catering services (4.2%).
In the January-July period, the city granted establishment licenses to 24,303 new domestic businesses with a total registered capital of VND315 trillion (US$13.4 million), an annual rise of 5.8% and 6% respectively.