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Ho Chi Minh City tops nation in FDI attraction

Ho Chi Minh City tops the nation in terms of foreign direct investment (FDI) attraction, 30 years since the first foreign investor was allowed to operatein Vietnam on January 1, 1988.
Ho Chi Minh City tops nation in FDI attraction ảnh 1Ho Chi Minh City ​leads the country in FDI attraction - Illustrative image (Source: VNA) 

HCM City (VNA) – Ho Chi Minh City tops the nation in terms of foreigndirect investment (FDI) attraction, 30 years since the first foreign investorwas allowed to operate in Vietnam on January 1, 1988.

According to the Ministry of Planning andInvestment’s Foreign Investment Agency (FIA), over the three decades, the cityhas granted investment licences to 7,494 projects worth 44.5 billion USD,accounting for 13.9 percent of the nation’s total FDI.

During the period, the largest economic hubof Vietnam has sometimes lost its top position, but was always in the top tenlocalities attracting the most foreign investment.

The result has been aided by billion-USDprojects, which, experts said, have helped form the first models for FDIattraction in Vietnam. Tan Thuan export processing zone was the first modelthat the city created. Since its formation in 1991, Tan Thuan has attracted morethan 100 investors, and generated big production and export values yearly.

Export processing zones and industrial parksin the city have helped turn more than 3,500 hectares of agricultural soilcontaminated with alum and salinity into well-equipped industrial zones,creating jobs for about 250,000 labourers.

Ho Chi Minh City also became the firstlocality to welcome big names like Intel, Samsung, Toshiba, Mercedes, Isuzu andNidec, creating breakthroughs in production and development.

The FIA said that the city continued leadingthe nation in FDI attraction in the first quarter of this year, with a total of1.7 billion USD – a fourfold increase compared with the same period last year.

Director of the municipal Department ofPlanning and Investment Su Ngoc Anh said that the number of projects andinvestment capital will continue to rise in the rest of this year.

He emphasised share purchases, as this typeof investment enjoyed a fivefold increase against the same period last year,with a focus on real estate, science and technology and tourism.

Therefore, in the future, the city willfacilitate foreign investors, who want to contribute capital to or buy sharesof Vietnamese businesses by offering online registration.

Anh added that the city will consider measuresto attract more investment in real estate, science and technology and tourism,while seeking to create an equally competitive investment environment.-VNA 
VNA
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