FDI flow into HCM City surges 50 percent in first nine months
Foreign direct investment (FDI) in Ho Chi Minh City rose sharply in the last nine months, with 5.47 billion USD poured into the southern economic hub over the period, up 50 percent year on year.
The Viet-Pan Techno Park, invested by Japan, in Nha Be district of HCM City (Photo: VNA)
Hanoi (VNA) – Foreign directinvestment (FDI) in Ho Chi Minh City rose sharply in the last nine months, with5.47 billion USD poured into the southern economic hub over the period, up 50percent year on year.
The property sector received 20.2 percent ofthe FDI capital.
The FDI flow mostly came from the Republic ofKorea (28.1 percent), Singapore (25.7 percent), Norway (11 percent) and Japan(10 percent), according to the municipal People’s Committee.
Between January and September, new andadditional domestic capital registered in HCM City hit nearly 673.49 trillionVND (28.66 billion USD), up 11.2 percent from a year earlier. The figureincluded more than 372.43 trillion VND (15.85 billion USD) in 30,600 newbusinesses and 301 trillion VND (12.8 billion USD) added to existing firms.
Real estate attracted the most capital in theperiod, with 40.7 percent
Regarding the continuous increase of capitalpoured into the property market, insiders predicted the sector will witness aneven stronger capital influx in the remaining months of 2018.-VNA
Ho Chi Minh City’s economy needs to pick up pace to achieve this year’s growth targets, heard a meeting held on October 1 to review the city’s socio-economic development in the first nine months.
Hanoi led Vietnam in foreign direct investment (FDI) inflow in the first nine months of 2018 with more than 6.26 billion USD, a 5.4-fold rise from the same period last year, according to a local official.
The inflow of foreign direct investment (FDI) has helped Vietnam access advanced technology in the world, said Director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment Do Nhat Hoang.
Leading destinations for the flow of foreign direct investment (FDI) such as Ho Chi Minh City, Dong Nai, Binh Duong and Ba Ria-Vung Tau provinces, have been shifting their focus to investment quality after 30 years attracting foreign capital.
The attraction and use of foreign direct investment (FDI) in the past 30 years have proven that the door-opening policy of the Party and State of Vietnam is a correct choice in line with the development trend of the era and the country’s situation, Minister of Planning and Investment Nguyen Chi Dung said.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
The Viet-Pan Techno Park, invested by Japan, in Nha Be district of HCM City (Photo: VNA) 
