February 27, 2017 | 22:21 (GMT+7)
Foreign investment in Ho Chi Minh City soars in two months
The southern economic hub of Ho Chi Minh City lured USD 443.1 million in foreign direct investment (FDI) in the first two months of 2017, a year-on-year rise of 61.3 percent.
The statistics were revealed at a meeting of the municipal People’s Committee on February 27.
Director of the municipal Department of Planning and Investment Su Ngoc Anh said in February alone, the city licensed 96 new projects capitalized at USD 119.1 million, and allowed 24 existing ones to increase investment with a combined added capital of USD 59.7 million.
FDI mainly went to such fields as information and communication (USD 50.5 million); automobile and motorbike (USD 31.92 million); and processing and manufacturing (USD 10.34 million).
Malaysia topped the list of investors with USD 44.24 million or 37.2 percent of total investment, followed by Japan (USD 24.34 million), and the Netherlands (USD 16 million).
In January – February, the city had 4,404 newly-established businesses with a total registered capital of over VND 57 trillion (USD 2.6 billion), a year-on-year increase of 11 percent in number and 100 percent in registered capital.
The new firms are mainly operating in real estate, automobile and motorbike, and construction.
To attract more investment, the municipal People’s Committee will continue taking measures to support businesses and improve investment climate while holding meetings between local authorities and foreign-invested businesses.
The city will also help enterprises to increase productivity and product quality as well as establish a startup ecosystem and expand overseas markets.
Source: VNA