Foreign investment flocks to Ho Chi Minh City despite pandemic

Night view of the Ho Chi Minh City skyline

Vietnam’s southern business hub of Ho Chi Minh City recorded $337.8 million of foreign investment during the first two months of 2021, with real estate attracting most of the funds, namely $145.1 million or 43 per cent of the total.

It was followed by investments into science and technology ($57.5 million, 17 per cent) and the processing and manufacturing industry ($41 million, 12.1 per cent), Vietnam News Agency reported, referring to the country’s department of planning and investment.

Overall, the amount of foreign direct investment stood at 70.3 per cent of the figure in the same period last year, the state-run agency said.

While the Covid-19 pandemic did not deter investors from pushing funds into existing projects, the city attracted just three new foreign investment projects worth $115 million in January and February, a result of the wait-and-see approach of new investors in the country amid the coronavirus crisis.

New money inflow directed towards real estate

Up to 99.7 per cent of the new capital was funneled into real estate, with 29.6 per cent from Singapore and 70.1 per cent from the Netherlands.

Overall, from January 1 to February 20, the registered capital of 22 existing foreign-funded companies in Ho Chi Minh City grew by $53.3 million.

Foreign investors also spent $169.5 million on capital contributions to or share purchase in local firms during the time, illustrating the upbeat sentiment about Vietnam’s economic development once the pandemic subsides.



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Night view of the Ho Chi Minh City skyline Vietnam’s southern business hub of Ho Chi Minh City recorded $337.8 million of foreign investment during the first two months of 2021, with real estate attracting most of the funds, namely $145.1 million or 43 per cent of the total. It was followed by investments into science and technology ($57.5 million, 17 per cent) and the processing and manufacturing industry ($41 million, 12.1 per cent), Vietnam News Agency reported, referring to the country’s department of planning and investment. Overall, the amount of foreign direct investment stood at 70.3 per cent of...

Night view of the Ho Chi Minh City skyline

Vietnam’s southern business hub of Ho Chi Minh City recorded $337.8 million of foreign investment during the first two months of 2021, with real estate attracting most of the funds, namely $145.1 million or 43 per cent of the total.

It was followed by investments into science and technology ($57.5 million, 17 per cent) and the processing and manufacturing industry ($41 million, 12.1 per cent), Vietnam News Agency reported, referring to the country’s department of planning and investment.

Overall, the amount of foreign direct investment stood at 70.3 per cent of the figure in the same period last year, the state-run agency said.

While the Covid-19 pandemic did not deter investors from pushing funds into existing projects, the city attracted just three new foreign investment projects worth $115 million in January and February, a result of the wait-and-see approach of new investors in the country amid the coronavirus crisis.

New money inflow directed towards real estate

Up to 99.7 per cent of the new capital was funneled into real estate, with 29.6 per cent from Singapore and 70.1 per cent from the Netherlands.

Overall, from January 1 to February 20, the registered capital of 22 existing foreign-funded companies in Ho Chi Minh City grew by $53.3 million.

Foreign investors also spent $169.5 million on capital contributions to or share purchase in local firms during the time, illustrating the upbeat sentiment about Vietnam’s economic development once the pandemic subsides.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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