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HCMC: Real estate firms outnumber other sectors

Van Nam
Friday,  Dec 1,2017,15:12 (GMT+7)
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HCMC: Real estate firms outnumber other sectors

Van Nam

HCMC – The number of newly-established enterprises in HCMC in the year to end-November has surged, with property companies making up the largest proportion, 42.2%, according to the city government.

In January-November, nearly 37,600 enterprises were set up with total registered capital of VND500.8 trillion (US$22.04 billion), up 14.1% and 87.9% year-on-year respectively.

The number of enterprises in wholesale and retail, and automobile and motorcycle repair sectors ranked second with 15.7%, followed by construction firms with 12.1%, and those specializing in science, technology, consulting, design and advertising with 6.8%.

Real estate businesses had total registered capital of VND212.2 trillion, surging 95.3% over the year-ago period.

The city has encouraged household businesses to convert into enterprises, and in the 11-month period, nearly 2,800 family-run businesses turned into firms.

As for foreign investment, the city attracted US$5.57 billion in the period, up a staggering 96.6% over the same period last year.

Most of the new foreign investments were committed to property projects, amounting to VND984 trillion equivalent, 50.8% of the total, followed by processing, manufacturing, wholesale and retail sales, and repairs of automobiles and motorcycles.

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