Vietnam HCMC Reports Sharp FDI Drop in Q1

Vietnam’s biggest economic hub, Ho Chi Minh City, has licensed 65 foreign direct investment (FDI) projects worth US$497 million in the first quarter of this year, down 31.5 per cent and 72.4 per cent on-year respectively.

 

The realty and consultancy service sector ranks first in attracting FDI in the period with 32 projects capitalized at US$401.3 million, followed by the commercial sector with 14 projects costing 41.1 million. The runners-up are industrial and construction sectors.

 

British Virgin Island is ranked the biggest FDI investor in the city with two projects worth US$301.6 million, followed by Singapore with 14 projects valued at 100.8 million and Hong Kong with three projects valued at US$10.5 million.

 

In the three-month phase, the city allowed 19 existing projects to add $18.6 million, raising its total FDI in the period to US$515.6 million, down some 72.8 per cent on-year.

 

Currently, the southern hub is home to 3,239 valid FDI project totaling over $26.38 billion.

 

The city is calling on investors to enter big projects such as Thanh Da 427-hectare island worth $5 billion, Thu Thiem new urban area covering 737 hectares, a 6,000 hectare urban area located at Cu Chi district’s north west and Hiep Phuoc-Nha Be urban area (3,600 hectares. (Vietnam &World Economy)