Real estate was the most attractive sector for foreign direct investment (FDI) in Ho Chi Minh City in the first four months of the year. (Photo: cafef.vn)HCM City (VNA) – Real estate was the most attractive sector for foreigndirect investment (FDI) in Ho Chi Minh City in the first four months of theyear with 164.58 million USD, or 46.8 percent of total FDI.
According to the municipal Department of Planning and Investment, the BritishVirgin Islands was the largest investor by pouring 71.59 million USD into thesector, accounting for 43.5 percent of realty investment. The Republic of Koreacame second with 19.5 percent, followed by Japan (10 percent), Singapore (5.7percent) and China’s Hong Kong (3.4 percent).
In the four-month period, foreign businesses bought shares and contributedcapital to state-owned enterprises, with total capital mounting to 1.83 billionUSD, up 30.6 percent year on year. The realty sector was the largest recipient at24 percent of the total.
Experts said foreign cash flow to the sector will increase in the near future,especially after Chairman of the municipal People’s Committee Nguyen ThanhPhong said at the recent investment promotion forum that the city is seekingforeign investment in 29 urban development projects, including several condominiumprojects.
Chairman of the HCM City Real Estate Association Le Hoang Chau said foreigninvestment in infrastructure and urban area development improves the localtransport system and speeds up urbanisation rate.
However, local authorities should work to put forth investment procedures andshorten time for land clearance so the projects can be carried out soon.
Meanwhile, Director of the municipal Department of Planning and Investment LeThi Huynh Mai said administrative reform is a key to facilitate investments offoreigners.-VNA
VNA
