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Friday, June 14, 2024

Jan-Aug FDI in real estate sector drops over 47%

The Saigon Times

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HCMC – New foreign direct investment (FDI) approvals in the real estate sector in the first eight months of this year amounted to US$1.76 billion, down by more than 47% against the year-ago period.

The General Statistics Office has released data indicating that real estate has emerged as the second most attractive field for foreign direct investment. As of late August, this sector had attracted over US$1.76 billion, constituting more than 9.7% of the total pledged capital.

Northern provinces are in the process of finalizing master plans and development orientations. Investors are concurrently completing legal procedures and construction processes, aiming to maintain their advantage in attracting investment. Consequently, the area of land for industrial park development between 2023 and 2026 is projected to increase to nearly 5,000 hectares.

An illustrative example is Sumitomo Corporation’s announcement in early July of plans to establish a US$400 million industrial park in Thanh Hoa Province. Similarly, major Apple Inc supplier Foxconn has secured approval for a US$246 million investment in manufacturing facilities in Quang Ninh Province.

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