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HCM City attracts over 1 billion USD in FDI in Jan-Feb

More than 1.02 billion USD of foreign direct investment (FDI) was registered for projects in HCM City in the first two months of the year, according to the Ministry of Planning and Investment.
HCM City attracts over 1 billion USD in FDI in Jan-Feb ảnh 1HCM City attracts over 1 billion USD in FDI in Jan-Feb (Source: VNA)

HCM City (VNS/VNA) - More than 1.02 billion USD of foreign directinvestment (FDI) was registered for projects in HCM City in the first twomonths of the year, according to the Ministry of Planning and Investment.

In January, HCM City received registration for FDI of more than 745 million USD,the largest amount of FDI for any locality in the country.

It included 32.72 million USD investment in 68 new FDI projects, and additionalinvestment of 4.7 million USD for 11 operational projects.

The city also approved 191 cases of foreign capital contributions to purchaseshares of local businesses (from local shareholders) with total value of morethan 452 million USD.

Le Thanh Liem, Vice Chairman of the municipal People’s Committee, said that in2018 the city received more than 7 billion USD in FDI, including 6 billion USDregistered in the form of capital contributions and purchases of shares oflocal enterprises.

The number and value of FDI in M&A (merger and acquisition) projectsincreased significantly in the last few years, from 1.5 billion USD in value in2016 to 3.68 billion USD in 2017, and to 6 billion USD in 2018.

Investment in M&A projects totals more than 10 billion USD, accounting for22 percent of the total FDI mobilised by HCM City since 1988.

Foreign investors favour M&As because of the simple investment proceduresand favourable conditions, an official from the HCM City Department of Planningand Investment said.

M&A deals do not require investment registration certificates from investors,he added.

However, M&As also help foreign investors “avoid” procedures for investmentlicenses for these projects. The official asked agencies to issue legaldocuments for management of this investment resource.-VNS/VNA
VNA
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