11:20 | 08/11/2017 Economy
Ho Chi Minh City, the southern economic hub, attracted 5.04 billion USD in foreign direct investment (FDI) in the first 10 months of 2017, a two-fold increase year on year.
|HCM City attracted 5.04 billion USD in FDI in the first 10 months of 2017 - Source: VNA|
According to the municipal Department of Planning and Investment, in the period, there were 681 newly-registered projects totalling 1.89 billion USD, while 703.4 million USD was added to 184 existing projects.
About 1840 foreign investors were licensed to pour 2.43 billion USD into buying stakes and contributing charter capital to existing companies.
Among sectors, real estate attracted the most FDI with 1.01 billion USD, three times higher than that of the same period last year. It was followed by the manufacturing and processing sector with over 473 million USD or a year-on-year 5.7-fold rise.
The Republic of Korea remained the biggest investor in Ho Chi Minh City with 1.03 billion USD, followed by the US (255 million USD), Singapore (137 million USD) and Japan (121 million USD).
During January-October, the city had 33,839 newly-established enterprises with a total registered capital of over 457 trillion VND (20.1 billion USD), up 13.2 percent in number and 88.7 percent in capital compared with the same period last year.
The city has made efforts to encourage business households to turn into businesses. To date, 1,629 business households have switched to enterprises.