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Vietnam Today

HCMC attracts $3.23bn in FDI in 8M

Released at: 16:45, 11/09/2017

HCMC attracts $3.23bn in FDI in 8M

Photo: Internet Archives

Figure up 1.57-fold year-on-year, with manufacturing and processing attracting the most.

by Ngoc Chi

Ho Chi Minh City attracted over $3.23 billion in foreign direct investment (FDI) in the first eight months of the year, up 1.57-fold year-on-year, according to the city’s Department of Planning and Investment.

The Saigon Silicon City Center project was one to attract large foreign capital during August. Its investor, the Saigon Silicon City Park Joint Stock Company, has signed a memorandum of cooperation with the World Trade Center Utah (WTC Utah) from the US.

The project is on an area of 52 ha with total investment of about $40 million and targets becoming a smart, modern infrastructure facility to attract more foreign enterprises.

The CJ Cau Tre Food Joint Stock Company from South Korea, meanwhile, has been licensed to invest in the Hiep Phuoc Industrial Park, a food processing complex on 7.1 ha, with investment of $53.3 million.

In order to attract FDI in the remaining months of the year, Ho Chi Minh City has determined to identify a way for four key industries to develop: mechanical manufacturing, electronics, chemicals - rubber - plastics, and food processing.

According to the Foreign Investment Agency, total registered FDI capital in Vietnam in the first eight months reached over $23 billion, a year-on-year increase of more than 45 per cent.

Capital went to 18 sectors. The manufacturing and processing sector attracted the most, accounting for more than half of the total registered, followed by electricity generation and distribution, and mining. Japan and South Korea were the two biggest investors among the 98 countries and territories investing in the country. 

In the first half, Ho Chi Minh City attracted $2.15 billion in FDI, double the figure recorded in the same period last year, according to the Ho Chi Minh City People’s Committee.

The Department of Planning and Investment is introducing online services for foreign enterprises when adding capital or buying shares in the city’s enterprises. Ms. Nguyen Thi Thu Hoa, Deputy Director of the Department, said the city has accepted 612 documents online and is now building the second stage of its online registration process for foreign investors, in which other procedures will be added.

The city is targeting attracting major groups and prestigious companies in research and training activities in the high-tech field.

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