HCM City Reports Sharp FDI Drop in Jan-May
Ho Chi Minh City attracted a total foreign direct investment (FDI) of US$769.5 million in the first five months, down 68.1 per cent on-year, the municipal Department of Planning and Investment Department reported.
With the figure, the southern hub ranked the second among cities and provinces nationwide in FDI attracting in the period.
The real estate and consultancy services sector accounted for 59 projects worth US$505 million, or 65.6 per cent of the city’s five-month FDI.
This will help the local realty market to be warmer, but also bring about risks of instability.
Meanwhile, the construction sector made up 14 projects costing US$7.2 million.
Vietnam attracted US$6.68 billion of pledged FDI inflows between January and May, down 76.3 per cent on year, according to the Ministry of Planning and Investment.
In January-May, FDI disbursement is expected to have fallen 29.1 per cent on year to US$2.8 billion, the MPI said. (Pioneer)
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