HCM City lures US$1.14 billion in FDI in four months

HCM City reported a foreign direct investment (FDI) influx of US$1.14 billion in the first four months of 2021, posting a year-on-year decline of 12.92 percent.
A corner of HCM City (Photo: VNA)
A corner of HCM City (Photo: VNA)
Of the amount, US$360 million was channeled into 100 new projects, primarily in commerce (US$225.1 million) and real estate (US$125.8 million).
Meanwhile, US$403 million was added to 30 existing projects and another US$377.6 million was used for capital contribution and share purchases in a total 547 transactions.
Foreign investors pumped most of the capital in processing and manufacturing with US$322 million, making up 28.2 percent, followed by commerce with US$321.2 million, real estate (US$196.3 million), science and technology activities (US$175.4 million), and education-training (US$30.3 million).
Among 55 countries and territories investing in the city in the period, Japan took the lead with US$494.4 million, Singapore came second with US$281.6 million, and the Republic of Korea was third with US$97.7 million.
Hua Quoc Hung, head of the management board of industrial and export processing zones of HCM City, said the southern hub’s processing and industrial zones had lured US$237 million as of late April, surging 26 percent against the same period last year.
The municipal People’s Committee has devised a plan to meet with FDI businesses in an effort to improve investment climate and support the firms, as well as introduce major projects and the city’s investment orientations for the 2021-25.

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