HCM City draws more US$1.37 billion in foreign investment

Ho Chi Minh City attracted US$1.37 billion in foreign direct investment (FDI) in the first five months of 2017, an annual increase of 45.8%.

According to the municipal Department of Planning and Investment, the southern metropolis granted investment licences to 283 new projects, worth US$341.98 million, and allowed 81 existing projects to increase their capital to US$287.05 million.

The city also permitted 775 foreign investors to register and contribute to capital and buy shares in businesses, with a total capital of US$742.2 million.

The processing and manufacturing industry was the most attractive, with investments of nearly US$123 million (making up 35.9%), followed by wholesale and retail, and automobile and motorcycle repair with over US$92 million (27.1%) invested, information and communications with US$55 million (16.2%), and real estate activities with US$40.25 million (11.8%).

In the January-May period, the total of newly registered and supplemented capital from domestic enterprises was over VND453.5 trillion (US$19.67 billion), 2.4 times higher than the same period last year.

HCM City plans to develop 60,000 businesses in 2017. The municipal authorities have so far encouraged 413 household businesses to turn themselves into enterprises.

Source NDO/VNA