Ho Chi Minh City FDI falls 17 percent so far this year

TN News

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Foreign direct investment into Ho Chi Minh City in the first four months is estimated at US$526 million, a drop of nearly 17 percent compared to the same period last year.

Of the total, capital for 112 new projects was $444 million, down 21 percent, the city Department of Investment and Planning said. The remaining $82 million was additional capital for 34 existing companies.

The four-month figure only accounted for 6.26 percent of the full year's target, the department said. The city has targeted $8.4 billion in FDI for 2010, or one-third of the national FDI target.

Several large projects, including a $2-billion project by the biggest US mutual fund, Capital Group, and another one invested by South Korea's Lotte, are expected to be licensed later this year.

The city also plans to auction five "golden" downtown land lots that are worth up to billions of dollars each.

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