HCM City tops nation in FDI attraction in first eight months

Illustrative image (Photo: VNA)

HCM City (VNA) – Ho Chi Minh City topped the country in foreign direct investment (FDI) attraction in the first eight months of 2022, accounting for 16.1% of the national figure, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).

It lured some 2.71 billion USD worth of FDI in January-August, an increase of 24.4% against the same period last year.

About 309.4 million USD were channeled into 479 newly-registered FDI projects, up 17.6% and 24.1% year-on-year, respectively, during the period. Ninety-six existing projects received extra investment worth 1.47 billion USD, up 127.3% year-on-year.

Meanwhile, capital contributions and share purchases were down 19.7% to 925.68 million USD.

A corner of Ho Chi Minh City (Photo: VNA)

The largest sum of FDI, or 39.91% of the total, was poured into information and communications. It was followed by wholesale-retail, auto and motor maintenance and repair (30.59%), science and technology (9.85%), and finance, banking and insurance (7.14%).

Singapore remained HCM City’s biggest investor, making up 37.68% of the total capital, followed by Japan (17.19%) and the Republic of Korea (13.45%).

According to the municipal People’s Committee, RoK-based Lotte Properties HCMC will begin construction of Thu Thiem Eco Smart City in Thu Thiem New Urban Area. The 5.5-ha project has a total investment of 12 trillion VND (512.38 million USD)./.