HCM City tops nation in FDI attraction in first eight months

A corner of HCM City. The city lured some US$2.71 billion worth of FDI in January-August, an increase of 24.4 per cent against the same period last year. VNA/VNS Photo

Southern HCM City topped the country in foreign direct investment (FDI) in the first eight months of 2022, accounting for 16.1 per cent of the national figure, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).

It lured some US$2.71 billion worth of FDI in January-August, an increase of 24.4 per cent against the same period last year.

About $309.4 million was channelled into 479 newly-registered FDI projects, up 17.6 per cent and 24.1 per cent year-on-year, respectively, during the period.

Ninety-six existing projects received an extra investment worth $1.47 billion, up 127.3 per cent year-on-year.

Meanwhile, capital contributions and share purchases were down 19.7 per cent to $925.68 million.

The largest sum of FDI, or 39.91 per cent of the total, was poured into information and communications. This was followed by wholesale-retail, auto and motor maintenance and repair (30.59 per cent), science and technology (9.85 per cent), and finance, banking and insurance (7.14 per cent).

Singapore remained HCM City’s biggest investor, making up 37.68 per cent of the total capital, followed by Japan (17.19 per cent) and the Republic of Korea (13.45 per cent).

According to the municipal People’s Committee, RoK-based Lotte Properties HCM City will begin construction of Thủ Thiêm Eco Smart City in Thủ Thiêm New Urban Area.

The 5.5-ha project has a total investment of VNĐ12 trillion ($512.38 million). VNS