HCM City foreign investment surges by 43.1 per cent in first 2 months

March 03, 2023 - 13:36

HCM City attracted US$332.3 million worth of foreign investment in the first two months of the year, a 43.1 per cent rise year-on-year, according to its Statistics Office.

HCM City’s downtown area. The city attracted US$332.3 million worth of FDI in the first two months. — VNA/VNS Photo

HCM CITY — HCM City attracted US$332.3 million worth of foreign investment in the first two months of the year, a 43.1 per cent rise year-on-year, according to its Statistics Office.

It included $97.7 million from 101 new projects, a 22.8 per cent increase, and $47.6 million in 29 existing ones.

Foreign investors also acquired stakes worth $187 million in local companies.

Singapore topped the list of investors with $76.6 million.

As of February 20, the city had 11,447 foreign-invested projects worth nearly $56.33 billion, according to the office.

Despite being hit hard by the pandemic last year, the city attracted $3.94 billion worth of foreign investment, up 5.4 per cent and the highest among the country’s 63 provinces and cities.

The global economy is expected to continue struggling this year, and so the city could find it difficult to attract foreign direct investment, experts said.

If the inflation remains under control, the city could attract $4.5 billion, according to the Department of Planning and Investment. — VNS

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