HCM City attracts most FDI in Vietnam in first 10 months

By October 2014, HCM City approved investment certificates for many foreign investors in Vietnam. And, Ho Chi Minh becomes the leading city appealing most FDI in Vietnam.

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At a meeting on economy and society in October, the Chairman of Ho Chi Minh City, Mr. Le Hoang Quan confirmed that as of Oct 27, Ho Chi Minh City is leading province in the country on appealing FDI in Vietnam, with the total capital of US $2.9 billion. In October alone, the total capital of FDI in Ho Chi Minh City reached over US $2.9 billion, increasing 97.7 % compared with the previous year. Thus, Ho Chi Minh City is the city attracting the most investment in Vietnam. These are positive economic - social results of the city reported at the conference in the morning of October 27. Speaking at the conference, Mr. Le Hong Quan, Chairman of Ho Chi Minh City People's Committee, said that as of October 20, 2014, there were 332 FDI projects approved by the People's Committee of Ho Chi Minh City with a total investment capital of 2.7 billion dollars. Particularly in October, the city People's Committee granted investment certificates "Samsung CE Complex" for Samsung Electronics Corporation with a total investment of 1.4 billion dollars. This project is the second largest investment in Saigon Hi-Tech Park. Previously, there was a project of over US $ 1 billion of Intel Corporation in 2006. In addition, there are 107 projects with a total capital raised over US $ 270 million. Thus, the total investment and registered capital raised in October reached US $ 2.9 billion, an increase of 97.6% over the same period.

According to Mr. Le Hong Quan, the new investment projects are mainly focused on the field of industrial engineering and high technology. This is also the policy of the Ho Chi Minh City on attracting investment in high-tech engineering, training development, and human resources to meet the needs of industrial development towards industrialization and modernization, and to formalize existing targets of becoming an industrialized country by 2020 of Vietnam. As of October 20, 332 new FDI projects in HCM City were granted certificates of registration with the total investment of 2.7 billion dollars. Compared to the same period last year fell by 8.5% but the number of projects increased to nearly 215% of the registered capital. In addition, there are 107 projects with a total capital raised over US $ 270 million. Thus, the total investment and registered capital raised in October reached US $ 2.9 billion, an increase of 97.6% over the same period.

In terms of investment sectors, the industrial sector accounts investment capital most with 39 projects and investment capital of over US $ 1.64 billion, accounting for 61.6% of total new capital. In the second place, it is the real estate sector with 10 projects and investment capital of nearly US $ 588 million. In terms of investment partner, Singapore is the leading investor with 47 projects with total capital of over US $1.7 billion. Ranking after Singapore is British Virgin Islands with 7 projects and investment capital of nearly US $ 346 million. The third place is Japan with 71 projects and investment capital of nearly US $ 218 million. Notably, in October, the city awarded investment certificate for "Samsung CE Complex Project" with a total investment of US $ 1.4 billion of Samsung Electronics Corporation in Saigon High-Tech Park, accounting for 52.5% of the total registered capital of the new license. This project is the second largest investment in the Hi-Tech Park. Previously, there was a project of over US $ 1 billion of Intel Corporation in 2006.

Directing the transfer of existing FDI projects in 14 industrial parks and export processing zones in HCM City, Chairman Le Hoang Quan requested relevant agencies, particularly the Board of Management in industrial parks and export processing zones in HCM City to consider and calculate to transform the existing industrial parks into high-tech industrial parks in Ho Chi Minh City. Current equipment and machinery in many businesses are largely outdated, which needs to change. Besides, it is necessary to study the mechanism of encouraging businesses to innovate equipment and modern machinery. Focusing on research and development of supporting industries, facilitating in the next few years to diversify import markets of raw materials, and replacing imported raw materials for production and business are necessary things to do. Currently, Ho Chi Minh City has established Kansai working group having function of supporting HCM City People's Committee in one-door consulting, receiving and returning the results to businesses in Japan's Kansai investment in the city. HCM City is a bridge between the Kansai area and businesses, local departments, and municipal People's Committee to address the requirements arising in the process of understanding and implementing projects of foreign investment in Vietnam.