City sees sharp increase in FDI
City sees sharp increase in FDI
Despite recent protests following Chinas placement of its oil rig in Việt Nams territorial waters, HCM City saw a significant increase in foreign direct investment (FDI) influx in the first five months of 2014.
As of May 20, the city has licensed 120 new FDI projects, 7.7 per cent lower than the number of projects lisenced in the same period last year, with total registered capital of more than US$724 million, a year-on-year increase of 350 per cent.
These figures were released by Thái Văn Rê, director of HCM City Department of Planning and Investment, at a meeting of HCM City Peoples Committee yesterday.
In addition, the city authorities have approved capital expansion of $68.8 million for another 40 FDI projects currently under operation in HCM City.
These projects bring the total registered capital for FDI projects approved by HCM City in the first five months to $793 million, up by 119 per cent compared with the same period last year.
Rê said despite difficulties, HCM City also saw significant economic growth in the first five months. Total retail sales and service turnover of the city in May is estimated at VNĐ52.7 trillion (about $2.5 billion), up by 2.1 per cent over April and an increase of 12.7 per cent compared with the same period last year.
Total retail sales and service turnover of the first five months is estimated at VNĐ2,570 trillion (about $12.2 billion), a year–on-year increase of 12 per cent.
The citys export turnover in the first five months amounted to $11.7 billion, accounting for 20 per cent of the countrys exports over the same period, and a year-on-year increase of 5.4 per cent.
Addressing Mondays meeting, Lê Hong Quân, chairman of HCM City Peoples Committee, said all 32 enterprises hit by rioters have all resumed work and their operations have been normalised.
He added that all figures indicating the citys economic growth in May are higher from the same period last year, and this is predicted for the entire year.
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