City sees huge drop in FDI

In the first 11 months of this year, Ho Chi Minh City attracted 349 foreign direct investment projects, bringing in US$510.1 million in revenue, according to the City Statistics Office.

The total registered FDI capital dropped by 75.4 percent this year-- compared to the same period last year.

Of the existing projects, 111 projects asked to increase their investment capital with an additional $728.3 million; and 51 projects with a total capital of $1.29 billion were dissolved and had licenses revoked ahead of schedule or moved to another province. Thus, total new-registered projects and those increasing additional capital touched $1.24 billion, a decrease of 48 percent year-on-year.

The numbers of valid projects in the City were 4,465 up to now, with total investment capital of $31.6 billion. Real estate remained the sector that attracted the most FDI capital with $117.6 million, accounting for 23 percent of total registered capital, followed by trade, industry, health care, and construction.

By T.Mai – Translated by Thuy Doan

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