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Monday,  Oct 23,2017,16:52 (GMT+7)

Foreign investment into HCMC double in Q1

Hung Le
Monday,  Apr 10,2017,21:52 (GMT+7)
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Foreign investment into HCMC double in Q1

Hung Le

HCMC - Foreign investment capital, including foreign direct investment (FDI) and mergers and acquisitions (M&A) deals, into HCMC in the first quarter of 2017 reached US$574.72 million, up 56,7% against the same period last year.

According to the HCMC Department of Planning and Investment, in the first three months of this year, the city granted investment certificates to 141 newly registered FDI projects with a total investment of US$133.21 million, while 42 existing FDI projects also gained approval to add an extra US$89.6 million.

Besides, the city approved 401 M&A deals with foreign involvement with total capital of nearly US$353 million.

Notably, most newly licensed FDI projects in the first three months met the city’s targets. The information and communications sector gained the most investment with US$51.77 million, increasing by 3.1 times over the same period last year and accounting for 38.7% of total fresh investments.

Meanwhile, motorcycle and auto repair, and wholesale and retail sectors attracted US$40.39 million (30.3%), and construction sector saw a nine-fold increase to reach US$10.32 million (7.8%).

In contrast, foreign investments in the manufacturing and processing sector decreased by 82% compared to the same period last year, accounting for only 8.1% with US$10.74 million.

In the first quarter, FDI disbursements reached VND9,441 billion (over US$416 million), up 10.6% over the same period last year.

To simplify licensing procedures, the HCMC Department of Planning and Investment has launched an online investment registration program for foreign investors. The department has received 432 eligible online applications after nearly five months of operation and is developing phase 2 of the program for other foreign investment procedures.

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