Ho Chi Minh City to create breakthroughs in attracting FDI in 2024

2024 is expected as a breakthrough year in attracting foreign direct investment (FDI) and recovering production and export activities.

Beyond the expectation, Ho Chi Minh City must take a pioneering role.

On March 14 morning, the Vietnam International Arbitration Center (VIAC) coordinated with the International Integration Support Center under the Ho Chi Minh City Institute for Development Studies to host a conference on prospects and solutions to attract investors in the context of global minimum tax enforcement and new trends.

Here, experts affirmed that the context of the global minimum tax along with the current world economic situation has extended Vietnam in general and Ho Chi Minh City in particular the breakthrough opportunity in attracting investment and realizing the aspiration of the country’s development.

Attending and sharing strategies for attracting investors, Dr. Truong Minh Huy Vu, Deputy Director of the Ho Chi Minh City Institute for Development Research said that Resolution 98 specifically stipulates the criteria of a strategic investor; however, the bidding for investor selection is mostly concerned for them.

Dr. Vu Tien Loc, Chairman of VIAC speaks at the conference. (Photo: M. Hoa)

In the first two months of 2024, Vietnam attracted over US$4.29 billion in FDI, up 38.6 percent over the same period in 2023; export turnover of goods is estimated at US$59.34 billion, up 19.2 percent compared to the same period last year.

Ho Chi Minh City is now leading the country in terms of valid number of foreign investments with 12.520 projects and a registered capital of US$57.64 billion.

In 2023 only, Ho Chi Minh City attracted US$5.85 billion of foreign capital, up 48.5 percent over the same period of 2022.

Besides, the implemented capital was estimated to reach VND36,261.5 billion (nearly US$1.5 billion), an increase of 9.8 percent over the same period of 2022.

Notably, in the first two months of 2024, HCMC leads the country in terms of the number of projects, capital adjustment, capital contributions and share purchases.

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