Vietnam: HCM City lures $1.14 bil. in foreign funding

Vietnam News via Asia News NetworkHo Chi Minh City reported a foreign direct investment (FDI) influx of $1.14 billion in the first four months of 2021, a year-on-year decline of 12.92%.

Approximately $360 million was channeled into 100 new projects, primarily in commerce ($225.1 million) and real estate ($125.8 million).

Meanwhile, $403 million was added to 30 existing projects and another $377.6 million was used for capital contribution and share purchases in a total of 547 transactions.

Foreign investors pumped most of the capital in processing and manufacturing with $322 million, making up 28.2%, followed by commerce with $321.2 million, real estate ($196.3 million), science and technology activities ($175.4 million), and education-training ($30.3 million).

Among 55 countries and territories investing in the city during the period, Japan took the lead with $494.4 million, with Singapore second with $281.6 million, and the Republic of Korea third with $97.7 million.

Hua Quoc Hung, head of the management board of industrial and export processing zones of HCM City, said the southern hub’s processing and industrial zones had lured $237 million as of late April, an increase of 26% against the same period last year.

The municipal People’s Committee has devised a plan to meet with FDI businesses in a bid to improve investment climate and support the firms.

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