City shrugs off East Sea spat, sees strong FDI growth

In spite of the complicated and difficult situation in the East Sea, foreign direct  investment in Ho Chi Minh City has grown strongly, People’s Committee chairman Le Hoang Quan said at a socioeconomic review meeting May 26.

Chairman of the Ho Chi Minh City People’s Committee, Le Hoang Quan, speaks at a meeting held May 26 to review the socio-economic performance in the first five months. (Photo: Sggp)

The city has licensed 120 projects with a total investment of more than US$724 million this year.

Besides, 40 existing companies increased their capital by $ 68.8 million.

Thirty two foreign businesses who had suspended operations due to the recent riots have resumed work.

The riots were provoked by aggressive elements who took advantage of peaceful protests against China’s illegal placement of a drilling rig in Vietnamese waters to incite violence against some foreign companies in the city.

Retail sales of goods and services in HCMC in May is estimated at VND52.7 trillion (US$2.5 billion), up 2.1 percent from April and 12.7 percent year-on-year.

The year-to-date figure is VND2,570,000 billion ($122 billion), an increase of 12 percent over the same period last year.

The city’s exports in the first five months were worth $11.7 billion, up 5.4 percent compared to last year.

Its budget revenues in the period topped VND105.56 trillion ($5 billion), a 46.65 percent increase year-on-year.

Workers at Sai Gon Pharmaceutical Company Limited. (Photo: Sggp)

By Van Anh – Translated by Kim Khanh

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