Ho Chi Minh City absorbed 3.7 billion USD in new foreign direct investment (FDI) so far this year, including expansion and acquisitions, according to the municipal People’s Committee.
Producing electronic components at Japan's Nidec Sankyo Vietnam Co. Ltd at the Saigon Hi-tech Park (Photo: VNA)
Ho Chi Minh City (VNA) – Ho Chi Minh City absorbed 3.7billion USD in new foreign direct investment (FDI) so far this year, including expansionand acquisitions, according to the municipal People’s Committee.
Specifically, 1.3 billion USD was poured into 713 new investmentprojects, and 174 existing foreign-invested firms raised their capital by acombined 465.6 million USD. Besides, the city gave permission to 1,900 foreigninvestors to acquire stakes in local firms worth approximately 1.9 billion USD.
Regarding newly-licensed projects only, the real estate sector attracteda big portion of capital with 326.8 million USD, followed by wholesale andretail, automobile with 245.8 million USD. When classified by countries, Taiwan(China) led with 259.7 million USD, Japan came next with 123.4 million USD andSingapore was third with 108.5 million USD.
Meanwhile, FDI disbursement so far this year was around 47 trillion VND(2.07 billion USD), equivalent to the amount recorded in the same period lastyear.
The People’s Committee said the municipal agencies are working toprocess submitted FDI projects as fast as possible. Some remarkable pending projectsare a 300 million USD plan by Japan’s Nipro Pharma, and a 220 million USDinvestment made by Cayman Islands in the Sai Gon-Ba Son office-hotel-tradecomplex.
As of now, HCM City is home to 6,485 valid FDI projects capitalized at40.99 billion USD.-VNA
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Producing electronic components at Japan's Nidec Sankyo Vietnam Co. Ltd at the Saigon Hi-tech Park (Photo: VNA) 
