The southern economic hub of Ho Chi Minh City attracted more US$4.69 billion in foreign direct investment (FDI) in the first seven months of 2018, a year-on-year rise of 70.5%.
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%.Reuters
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.