Vietnam metro sees FDI on target in 2013

TN News

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Foreign direct investment (FDI) into Ho Chi Minh City this month totaled 2.5 times the amount recorded last January, news website Saigon Times reported.

Nguyen Tan Dinh, deputy chief of The HCMC Export Processing and Industrial Zones Authority (Hepza), said FDI inflows, composed of new investments and additional investments in the ongoing projects, had totaled US$26.1 million on January 23.

Japan's Nidec Tosok plans to pour $95 million more into its parts manufacturing plant in the city's Tan Thuan Export Processing Zone.

Another Japanese industrial manufacturer, Saion Precision, has also asked approval to spend $120 million more on its plant in the Linh Trung Export Processing Zone.

Dinh said the two companies' large investments mean the city is well on its way to hitting its FDI target of $500 million this year.

FDI investment this quarter alone is expected to increase to $250 million, 110 percent higher than over the same period last year

Last year, the city was only able to meet 85 percent of the same $500 million target due to the economic slowdown.

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