HCM City lures 2.15 billion USD in FDI in six months

Ho Chi Minh City has attracted 2.15 billion USD in foreign directed investment (FDI) in the first half of 2017, doubling the figure in the same period last year, reported the municipal People’s Committee.
A view of the Saigon Hi-Tech Park (Photo: VNA)
A view of the Saigon Hi-Tech Park (Photo: VNA)
As many as 375 million USD was poured into 340 new projects, while 346 million USD was added to 91 existing projects.

At the same time, the southern largest economic hub also permitted 915 foreign investors to contribute capital to, buy shares or repurchase capital contributions in local firms with total sum of 1.15 billion USD.

According to the city’s People’s Committee, 124 million USD, or 33.1 percent of capital of the new FDI projects was injected into processing and manufacturing sectors, while 110 million USD, or 29.4 percent, was invested in wholesale and retail, automobile and motorbike repair, and 56.23 million USD, equivalent to 15 percent, was poured into information and communications.

The Republic of Korea was the largest investor in the first half of 2017, accounting for 26.9 percent of the total FDI. It was followed by Japan with 14.1 percent, Malaysia with 12.1 percent and Singapore with 11.1 percent.

The city’s Department of Planning and Investment is offering online investment registration services for foreign investors.

Nguyen Thi Thu Hoa, vice director of the department, said that in the first six months of this year, the agency received 612 online applications. Currently, the department is working on the second phase of the project with expanded area of investment procedures for foreign investors.

The city also expects big and prestigious businesses to invest in its high technology sector and engage in researching, training and incubating activities.

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