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VietNamNews

Leading cities see rise in FDI

Update: March, 22/2012 - 10:31

HA NOI — The cities of Ha Noi and HCM City licensed nearly 100 foreign-invested projects in the first quarter of the year, with a combined registered capital of US$160 million.

According to the Ha Noi Statistics Department, the capital city licensed 39 foreign-invested projects during the period, worth a total of nearly $120 million – about a 590 per cent increase over the previous year.

The department's director, Dinh Cong Mui, said that the increase in foreign direct investment (FDI) in Ha Noi was a positive sign in the context of the current economic downturn, reflecting the city's success in supporting the business community, streamlining administrative procedures, providing market information, and accelerating land clearance.

However, the capital's Department of Planning and Investment was still concerned that it would be difficult to meet the target of attracting $1.5 billion in FDI this year.

HCM City, meanwhile, licensed 59 foreign-invested projects in the first three months of the year, although the total value of FDI declined by 96.5 per cent from the same period last year as many of the licensed projects were small in scope, with investment capital of less than $100,000 each.

Among the city's projects, seven were in the industrial sector, worth a total of $15.5 million. Another 20 projects, worth a combined $12 million, were in the commercial sector.

Japan was the leading source of foreign investment in HCM City, with 15 projects worth $12 million. Singapore and South Korea followed, responsible for FDI of $4 million and $3 million, respectively. — VNS

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