Ho Chi Minh City lures 2.3 billion USD in nine months

A meeting between Ho Chi Minh City's authorities and investors (Photo: thoibaotaichinhvietnam.vn)

HCM City (VNA) – The southern metropolis Ho Chi Minh City has attracted 2.3 billion USD in foreign direct investment in the nine months of this year. 

Accordingly, as many as 587 new projects worth more than 751 million USD have been licensed, up 45.3 percent in volume and down 68.2 percent in value year-on-year. Up to 125 projects registered for capital increase with a total value of more than 377 million USD. 

The city also allowed 1,294 foreign investors to buy shares and contributes capital to businesses, amounting to around 1.18 billion USD. 

Twenty investors made deposits to the tune of 15 million USD for their projects, in compliance with the recently-amended Investment Law. 

Real estate sector has absorbed 319.2 million USD, equivalent to 42.5 percent - the largest share of the total FDI capital. It is followed by wholesale and retail and repair of automobiles and motorbikes with 228.5 million USD, accounting for 30.4 percent. The manufacturing and processing sector makes up 10.2 percent with 76.7 million USD, down 86.2 percent annually. 

According to the municipal authorities, the city is focusing on hi-tech manufacturing by promoting research and training in combination with upgrading infrastructure and protecting the environment. 

A number of foreign-invested projects are on the waiting list for licences, namely the Republic of Korea’s Thu Thiem eco smart city worth 900 million USD, and two estate projects of the Cayman Islands worth 300 million USD and 220 million USD, respectively. 

During the period, the city recorded nearly 26,500 new domestic businesses with a total registered capital of 215 trillion VND (9.77 billion USD), up 17.4 percent in number and 48.6 percent in capital. 

At the same time, more than 39,600 businesses raised their capital by a combined 145 trillion VND (6.52 billion USD).-VNA