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Local investors set pace
Domestic investment in HCM City's industrial parks has for the first time outpaced foreign direct investment (FDI) in the year to date, with respective figures of US$235 million and $49.2 million.
The HCM City Export Processing and Industrial Zones Authority (Hepza) said that 35 local investors have so far this year been granted investment certificates with a combined capital of more than US$235 million. If additional funds for operational projects are included, local investment will amount to $297 million.
Meanwhile, FDI inflow into IPs and EPZs over the past seven months was just $49.2 million pledged in 13 projects. Additional capital for operational projects would push total FDI in the January-July period to slightly over $136 million.
Hepza attributed the FDI drop to the global economic recession, the lack of infrastructure and land in the zones as well as less attractive incentives for new investment projects. Besides, Hepza's move to confine foreign investment to eco-friendly and hi-tech sectors while limiting projects in polluting and labour-intensive industries also has an impact on the FDI inflow.
Meanwhile, domestic enterprises are aware that technologies are cheaper due to the global crisis so they have managed to upgrade and expand operations to become more competitive.
Hepza expects to attract more than $680 million in domestic and foreign investment this year.
Thien Ly
Vietnamnews
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