Ho Chi Minh City attracted 2.9 billion USD in foreign direct investment (FDI) from the beginning of this year to June 20, an increase of 30.7% compared the same period last year, the city’s Statistics Office has announced.

In the first half of this year, the country’s economic locomotive granted new investment certificates for 514 projects with a combined registered capital of 231 million USD, marking an increase of 69.1% in the number of projects compared to the same period last year.

Of the projects, 207 were in wholesale, retail, and repair of automobiles and motorbikes with registered capital totaling 93.9 million USD, accounting for 40.6% of the newly registered capital.

Among the nations and territories pouring capital into the city, Singapore ranked first with 89 projects and a total registered capital of 126 million USD, accounting for 54.6% of the newly registered capital.

It was followed by Japan with 43 projects and 21.7 million USD, accounting for 9.4%, Hong Kong (China) with 36 projects and 12.7 million USD, accounting for 5.6%.

Regarding the adjustment of registered capital, there were 163 projects with increased capital of 458 million USD.

According to the city’s Department of Planning and Investment, the city is developing an FDI attraction project for the 2023 - 2025 period with a vision to 2030. It eyes to attract strategic investors who pour capital from 30 trillion VND (1.27 billion USD) for conventional projects or 3 trillion for research and innovation projects. Ho Chi Minh City expects to attract more than 50 high-tech projects by 2025 with a total investment capital of at least 3 billion USD.

Priority will be given to multinational corporations who join venture with domestic enterprises to form and develop clusters in value chains.

According to the city People’s Committee, as of May 20, the city had 11,868 valid foreign investment projects with a total new investment and added investment of more than 56.8 billion USD.

VNA