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HCM City ranks first in FDI attraction in five months

Ho Chi Minh City was the most attractive destination in FDI attraction in the first five months of this year, with 2.39 billion USD, or 24.2 percent of total investment in the period, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
HCM City ranks first in FDI attraction in five months ảnh 1Illustrative Image (Source: VNA)

Hanoi (VNA) - Ho Chi Minh City was the most attractivedestination in FDI attraction in the first five months of this year, with 2.39billion USD, or 24.2 percent of total investment in the period, according tothe Foreign Investment Agency under the Ministry of Planning and Investment.

The northern port city of Hai Phong ranked second with 1.07 billion USD,accounting for 10.8 percent and followed by Hanoi with 835.3 million USD, or8.4 percent.

The agency reported that in the first five months of this year, 53cities and provinces in the country attracted 9.9 billion USD of FDI,equivalent to 81.6 percent of that in the same period last year.

Of which, the processing and manufacturing industry lured 5.18 billionUSD, or 52.3 percent, while real estate enjoyed 1.07 billion USD, and retailand wholesale sector attracted 1.02 billion USD.

Notably, LG Innotek added 501 million USD to its factory in Hai Phong,raising total investment in the project to 1.05 billion USD, while ReginaMiracle International Vietnam injected an additional 260 million USD to itssportswear factory.

Economists said that the increase of investment in projects in equipmentand garment will bring more opportunities for domestic enterprises to learnfrom FDI firms and take advantage of their strengths. This is also whatVietnamese businesses need to do to enhance their competitiveness and engagedeeper into global supply chains.

So far this year, 86 countries and territories have invested in Vietnam,led by the Republic of Korea with 2.63 billion USD, accounting for 26.5 percentof total FDI, followed by Japan with 1.52 billion USD and Singapore with 1.11billion USD. -VNA
VNA
#Ho Chi Minh City #FDI #Foreign Investment Agency #Republic of Korea #FDI firms #Vietnam #Vietnam news #Vietnam News Agency Ho Chi Minh City
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