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.
Illustrative Image (Source: VNA) Hanoi (VNA) - 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.
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, or 8.4 percent.
The agency reported that in the first five months of this year, 53 cities 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 billion USD, or 52.3 percent, while real estate enjoyed 1.07 billion USD, and retail and 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 Regina Miracle International Vietnam injected an additional 260 million USD to its sportswear factory.
Economists said that the increase of investment in projects in equipment and garment will bring more opportunities for domestic enterprises to learn from FDI firms and take advantage of their strengths. This is also what Vietnamese businesses need to do to enhance their competitiveness and engage deeper 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 percent of total FDI, followed by Japan with 1.52 billion USD and Singapore with 1.11 billion USD. -VNA
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