HCMC targets one third of Vietnam's FDI this year

TN News

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Ho Chi Minh City plans to receive US$8.4 billion in foreign direct investment pledges this year, aiming for one third of the country's total figure.

The southern metro is expecting several large projects to be registered this year including a Capital Group residential project in Cu Chi District and a new project by South Korean retail giant Lotte.

The city also plans to auction five valuable land lots in District 1, which can accommodate multi-billion dollar projects.

Luu Thanh Phong, deputy director of the city Department of Planning and Investment, said FDI pledges reached $333.4 million in the first two months, four times higher than the same period last year.

Vietnam received $1.1 billion in disbursement of foreign direct investment in January and February, a rise of 10 percent from the same period last year, the government said late last month. However, new pledges and increased capital in existing projects in the two-month period plunged 72.8 percent to $1.78 billion.

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