International investment flocks to Ho Chi Minh City despite pandemic
08 March, 2021
Vietnam’s southern organization hub of Ho Chi Minh City recorded $337.8 million of foreign investment through the first 8 weeks of 2021, with property attracting almost all of the funds, namely $145.1 million or 43 % of the total.
It was followed by investments into research and technology ($57.5 million, 17 per cent) and the digesting and manufacturing industry ($41 million, 12.1 per cent), Vietnam News Firm reported, discussing the country’s department of planning and expenditure.
Overall, the number of foreign direct expenditure stood at 70.3 % of the figure in the same period last year, the state-run firm said.
As the Covid-19 pandemic didn't deter investors from pushing funds into existing jobs, the city attracted only three new foreign investment projects worth $115 million in January and February, due to the wait-and-see approach of new investors in the united states amid the coronavirus crisis.
Up to 99.7 per cent of the brand new capital was funneled into property, with 29.6 % from Singapore and 70.1 % from the Netherlands.
Overall, from January 1 to February 20, the registered capital of 22 existing foreign-funded companies found in Ho Chi Minh City grew simply by $53.3 million.
Foreign investors also spent $169.5 million on capital contributions to or share obtain in local firms at that time, illustrating the upbeat sentiment about Vietnam’s monetary development once the pandemic subsides.
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