HCM City attracts over 1.55 bln USD in FDI in Q1

 

 

HCM City (VNA) – Ho Chi Minh City attracted over 1.55 billion USD in foreign direct investment in the first quarter of this year, up 20.4 percent year-on-year, according to the municipal People’s Committee.

Specifically, 254 projects worth 288.80 million USD were newly-licensed, up 23.3 percent in volume and 4.3 percent in value.

The real estate sector lured the most, accounting for 52.7 percent. It was followed by science and technology (19.4 percent); wholesale, retail, and repair of automobiles, motorbikes, and other motorised vehicles (14.8 percent); manufacturing and processing (8 percent); lodging and dining services (1.9 percent).

During the period, 53 projects raised their capital with a total investment of 62 million USD, up 20.5 percent in volume and 15 times the value against last year.

The city allowed 799 foreign investors to buy stakes in domestic firms with a registered capital of 1.2 billion USD, marking a 19.8 percent rise in volume and 19.2 percent hike in value.

Meanwhile, the total registered and additional domestic capital neared 215 trillion VND (9.34 billion USD), up 9.7 percent year-on-year.

There were over 8,600 newly-established firms with a total registered capital of more than 147 trillion VND, up 2.4 percent in volume and 46 percent in value.

Over 23,100 enterprises registered additional capital at a combined value of upwards of 67.8 trillion VND.

The municipal authorities attributed the positive results to active trade and investment promotion activities which helped firms expand markets and improve the efficiency of exports while inviting foreign and overseas Vietnamese investors to join in the city’s economic growth. –VNA