HCMC attracts US$3.63b in foreign investment in Jan-July

Foreign investment registered in HCMC reached US$3.63 billion in the January-July period, up 15.2% over the same period last year, according to the municipal government.

 

In the seven-month period, 678 new projects obtained investment certificates, with total registered capital of US$688.79 million. In addition, 168 operational foreign-invested projects won approval to inject an additional US$345 million, news site Vietnamplus reported.

In addition, foreign investors conducted nearly 2,700 transactions to contribute funds to and acquire shares in local firms, at a combined value of US$2.6 billion, up 28.3% in the number of transactions and 16.7% in capital.

The growth in foreign investment proves the effectiveness of the city’s promotion programs, according to the municipal government.

Meanwhile, local firms registered capital of VND556.5 trillion (US$24 billion) in both new projects and operational oness. Of the total, 24,500 new enterprises were established in the period, with total registered capital of VND396.1 trillion, while nearly 71,900 operational enterprises were approved to inject additional funding of VND160.4 trillion.

To improve the development of local and foreign-invested projects, the HCMC government will continue reforming its investment environment by simplifying administrative procedures for enterprises and preparing cleared land for projects.

A working team in charge of investment promotion, led by the municipal chairman, will continue its weekly meetings to address problems arising during enterprises’ execution of projects.

Further, the city will enhance its trade and investment promotion activities this year, hosting a seminar on solutions to boost cooperation between suppliers and foreign-invested firms, a dialogue between enterprises and tax agencies, a conference on infrastructure development, a seminar to help local firms benefit from the European Union-Vietnam Free Trade Agreement and pursuing activities to strengthen the connection between HCMC and other localities.

saigontimes

 

 

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