HCM City reports twelve-fold increase in FDI influx

23/07/2008 -- 4:30 PM

HCM City (VNA) – Ho Chi Minh City has over the first seven months licensed 271 foreign invested projects worth more than 7.71 billion USD, 12 times higher than the total FDI volume of the same period last year. The figure marks a two-decade record for the period since the Foreign Investment Law took effect in 1988. Over the recent months, the city has actively deployed measures to cope with the increasing inflation and develop the economy. In addition, it continues to work to improve investment climate, and accelerate administrative reform in investment licensing procedures. It also sought domestic and foreign capital sources to upgrade transport facilities, seaports, and telecoms services to facilitate the implementation of investment projects. As a result, foreign investors have chosen the city for their multi-billion USD projects, such as the 3.5 billion USD Berjaya International University project, and the TECO software park project valued 1.2 billion USD. HCM City now has 2,908 valid projects with a total capital of 24.91 billion USD.-Enditem
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