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Tuesday, November 29, 2022

HCMC ranks first nationwide in FDI attraction from Jan-Oct

By Hung Le

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HCMC – HCMC has taken the lead among Vietnam’s preferred destinations for foreign direct investment (FDI), attracting US$3.42 billion of foreign capital in the year to October, according to data from the Ministry of Planning and Investment.

The amount of foreign capital poured into HCMC during the given period made up some 15% of the country’s total and improved by around 25% against the same period last year.

Besides, the southern city ranked first in the country by the number of newly-registered projects and capital contributions, accounting for 44.1% and 67.2% of the country’s total figures, respectively. As for the number of FDI projects seeing capital adjustment, HCMC came second (15.3%), just after the capital city of Hanoi (18.8%).

Foreign investors have injected capital into projects across 54 provinces and cities, with the total amount of newly-registered, adjusted and contributed capital to buy a stake in the year to October 20 reaching over US$22.46 billion, down 5.4% compared to the year-ago figure.

According to the General Department of Vietnam Customs, most major FDI projects approved in HCMC are in the manufacturing and processing industries, real estate, science and technology and information and communications.

During the ten-month period, the Binh Duong and Quang Ninh provinces also saw their FDI inflows rise sharply.

The southern province of Binh Duong ranked second in the country as it lured over US$2.85 billion worth of FDI, a year-on-year increase of 40%.

Quang Ninh in northern Vietnam secured third place, with nearly US$2.19 billion channeled into FDI projects in the province, surging almost 89% over the same period last year.

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