HCM City leads the country in FDI attraction

In recent years, Ho Chi Minh City has made full use of its advantages as the largest economic hub in the south in order to develop trade and services on a par with other modern cities in the region. It has also called for more foreign investment in these areas. According to the Foreign Investment Department under the Ministry of Planning and Investment, Vietnam mobilized US$15.03 billion in foreign direct investment (FDI) capital in the first 11 months of 2007, or 15 percent higher than the set target of US$13 billion. HCM City is now leading the country with US$1.984 billion. Many economists attributed HCM City’s remarkable achievements to new opportunities after joining the World Trade Organisation (WTO) as well as its administrative reforms. There were a large number of FDI projects in the city, mostly focusing on high technology. In particular, the Intel group from the US invested US$1 billion to build a factory covering 46 ha in the Saison Hi-tech Park (SHTP). The park also granted business licenses to an additional eight foreign-invested projects with a total investment capital of US$180 million. Since its establishment five years ago, SHTP has attracted 27 domestic and foreign investors with a… Read full this story

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