Ho Chi Minh City has attracted 979.65 million USD of foreign direct investment (FDI) so far this year, down 23.45% year on year, according to the municipal People’s Committee.

In the first four months of 2023, the southern economic hub saw 171.32 million USD in new projects, mostly in automobile and motorbike industry with 63.3 million USD, and construction with 53.7 million USD.

Singapore was the leading investor in the city in the January-April period with 58 projects worth 108.3 million USD, accounting for 63.2% of total FDI in new projects. It was followed by Japan with 26 projects worth 14.8 million USD, and Hong Kong (China) with 23 projects valued at 11.1 million USD.

Meanwhile, 372.63 million USD was injected in 95 underway projects in the city in the period, along with 435.69 million USD poured in share purchase and capital contribution deals.

Since the beginning of the year, the city has seen the termination of 74 FDI projects with a total investment capital of more than 60 million USD.

According to the city People’s Committee, as of April 2023, the city had been home to 11,668 operating FDI projects worth over 56.68 billion USD. Along with capital added in underway projects and share purchase deals, so far, HCM City has attracted nearly 80.91 billion USD of FDI in total.

In the first four months of 2023, HCM City drew 240.28 trillion USD of domestically-invested capital, down 43.3% over the same period last year.

The city also saw 14,752 newly-established businesses with total 144.56 trillion VND (6.16 billion USD), a year-on-year drop of 9.59% in project number and 58.71% in value. Meanwhile, 1,207 businesses were dissolved, 14,908 hailed operations, and 5,565 others resumed business. To date, the city has been home to 530,013 companies with combined capital of 10.1 quadrillion VND.

VNA