HCM City reports six-fold increase in FDI

Ho Chi Minh City, Vietnam ’s southern largest economic hub, absorbed more than 8 billion USD in foreign direct investment (FDI) in the first nine months of this year, a record six-fold year-on-year rise.

Of the amount, 7.83 billion USD came from 405 newly licensed projects and the remainder was added to 110 existing projects, reported the city’s Statistics Department.

Real estate remained the biggest FDI recipient during the January-September period, followed by IT, finance and industry.

Projects of note included a 3.5 billion USD project funded by Malaysia ’s Berjaya Land Bhd Corporation to develop urban centres and universities, the 1.2 billion USD Thu Thiem software park, and the 930 million USD Vietnam Financial Centre in the city’s District 10.

These achievements are attributed to HCM City ’s efficient implementation of solutions to curb inflation, promote economic development, and speed up administrative reform regarding licensing procedures and project site clearance.

The foreign-invested sector led other economic sectors in terms of industrial production, posting a growth rate of 19 percent compared with a mere 4 percent recorded by the state sector and 11.2 percent by the non-state area.

HCM City has to date housed 3,045 valid FDI projects totalling 25.3 billion USD, over 9.5 billion USD higher than that a year ago.

VNN

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