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HCMC ABSORBS US$ 3.63 BILLION FDI IN FIRST SEVEN MONTHS
Ho Chi Minh City attracted US$ 3.63 billon of FDI in the first seven months of 2019, representing a year-on-year growth of 15.2%, the HCMC municipal People’s Committee reported.
The HCM People’s Committee attributed trade promotion and investment activities to transformation of economic structures, higher proportion of processing and high added products, better investment attraction and business confidence in the business and investment environment.
In the first seven months, the city absorbed US$ 3.63 billion of FDI, up 15.2% against the same period last year.
Up to 678 FDI projects got new investment registration certificates worth US$ 688.79 million, up 18.3% in number and 26.9% in value.
About 168 projects got additional capital of US$ 435 million. The city allowed 2,668 foreign investors to buy US$ 2.6 billion of shares, up 28.3% in number and 16.7% in value.
In the January-July period, 24,529 enterprises were founded with a total registered capital of VND 396 trillion, up 0.9% in number and 25.7% in value.
Meanwhile, 71,874 enterprises registered to alter business registration and supplemented capital of VND 160 trillion, up 2.2% in number and 63% in value.
In the coming time, the HCMC People’s Committee will continue improving the investment environment including streamlining administrative procedures and allocating land fund for enterprises.
A working group led by the Chairman of HCMC People’s Council will meet weekly to resolve emerging problems for enterprises.
U.S. News & World Report has just released the ranking of the best economies to invest in this year, showing large changes, with three new faces among the top five. In particular, Vietnam surpassed its Southeast Asian neighbours including Malaysia, Indonesia, and Singapore to rank eighth, massively boosting its 23rd position last year.
Despite promises that the $3 billion industrial complex proposed by the Lee & Man-Hokuetsu joint venture will create a breakthrough in foreign investment attraction for Ha Tinh province, authorities are mulling over environmental pollution risks.
Under the draft, tourism; culture and sports; telecommunications infrastructure; infrastructure for science and technology development; infrastructure at industrial parks, economic zones, industrial clusters, and high-tech parks; and infrastructure for rural areas and agriculture would be banned from running PPP projects.
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