HCMC FDI soars

May 31, 2014 | 17:00

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Between January and May, Ho Chi Minh City reported an increase of over 356 per cent in investment capital of new foreign-invested enterprises against the same period last year.

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A total of 120 new FDI projects were licensed with a combined capital of more than $724 million in the southern economic hub over the first five months, down 8 per cent in project number in comparison to last year’s first five months, but with a very significant value increase.

In addition, 40 existing foreign invested enterprises increase their capital by $69 million in the period, putting total FDI inflow to the city at $793 million, up 119 per cent, according to the Ho Chi Minh City Department of Planning and Investment.

A report issued by the department on May 26 showed that 9,566 Vietnamese enterprises were licensed in the city with combined capital in dong equal to almost $2.53 billion over the first five months of this year, up 26 per cent. However, the number of enterprises decreased by 2 per cent.

Addressing a five-month review meeting on May 26, city chairman Le Hoang Quan remarked that both FDI and local investment flows to the economic hub were positive. He added that in the remaining months of the year, the city would give priority to business loans for agriculture, manufacturing for export, support industry, small and medium-sized enterprises, and hi-tech companies.

By By Tuong Thuy

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