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Saturday, June 22, 2024

HCMC attracts over US$1 billion in industrial investments

By Nguyen Tan

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HCMC – HCMC, the southern metropolis of Vietnam, has drawn in more than US$1 billion in industrial investments, doubling its initial target, according to the city’s industrial and export processing zone management board.

Foreign investments played a significant role in this achievement, exceeding US$220 million, up 12.47% over the previous year’s figure of US$196.6 million. This includes 16 new projects with registered capital of US$63 million and 32 projects with capital adjustments totaling nearly US$158 million.

On the domestic front, investments soared to VND18.5 trillion (US$788.5 million), up by a sharp 123.7% compared to the same period last year. Among these domestic investments, 44 new projects registered around VND16.7 trillion (US$710.73 million) in capital, up by a staggering 150% year-on-year. Additionally, 20 projects adjusted up their capital by over VND1.8 trillion (US$77.7 million).

Out of a total of 60 new projects, 39 were committed to four key industries and industrial support services, with total capital of over US$759 million. This constitutes 98% of the total new investments in the city.

Foreign-invested projects, numbering 13 out of 16, pledged nearly US$59 million, making up 93% of the fresh foreign investments. Meanwhile, 26 out of 44 domestic projects received a capital injection of over VND16.45 trillion (about US$700 million), representing 99% of the new domestic investments.

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