Producing electronic components at Japan's Nidec Sankyo Vietnam Co. Ltd at the Saigon Hi-tech Park (Photo: VNA)

Ho Chi Minh City (VNA) – Ho Chi Minh City absorbed 3.7 billion USD in new foreign direct investment (FDI) so far this year, including expansion and acquisitions, according to the municipal People’s Committee.

Specifically, 1.3 billion USD was poured into 713 new investment projects, and 174 existing foreign-invested firms raised their capital by a combined 465.6 million USD. Besides, the city gave permission to 1,900 foreign investors to acquire stakes in local firms worth approximately 1.9 billion USD.

Regarding newly-licensed projects only, the real estate sector attracted a big portion of capital with 326.8 million USD, followed by wholesale and retail, automobile with 245.8 million USD. When classified by countries, Taiwan (China) led with 259.7 million USD, Japan came next with 123.4 million USD and Singapore was third with 108.5 million USD.

Meanwhile, FDI disbursement so far this year was around 47 trillion VND (2.07 billion USD), equivalent to the amount recorded in the same period last year.

The People’s Committee said the municipal agencies are working to process submitted FDI projects as fast as possible. Some remarkable pending projects are a 300 million USD plan by Japan’s Nipro Pharma, and a 220 million USD investment made by Cayman Islands in the Sai Gon-Ba Son office-hotel-trade complex.

As of now, HCM City is home to 6,485 valid FDI projects capitalized at 40.99 billion USD.-VNA