Manufacturing takes bulk of FDI inflows
27/12/2011 08:46 am
News - HCMC has attracted 47% of fresh foreign direct investment (FDI) capital into the manufacturing sector while other provinces have seen a decline in new FDI pledges.
Latest figures of the HCMC’s Department of Planning and Investment showed US$2.85 billion had been committed in the year to date, up 22.6% year-on-year, with over US$2.4 billion sourced from 397 fresh projects, up by 28% in value, and the remainder from 131 existing projects.
While the nation has seen a slide in new FDI with the year’s US$20-billion goal seen as unattainable, the FDI picture in HCMC is encouraging, buoyed by large projects including the US1-billion thin-film solar power project of First Solar in Cu Chi District.
Thanks to this project, the city’s manufacturing and processing industries takes the leading position in terms of fresh FDI capital with US$1.13 billion, 47% of the total newly-registered capital. Still, the projects in these industries only account for 13% of the 50 projects.
However, the First Solar project was indefinitely postponed last month and the company cited an imbalance between solar power supply and demand on global markets as a key reason for postponement.
The property sector has attracted the second most FDI with around US$700 million. Meanwhile, the retail sector has lured US$318 million from 102 projects.
Latest figures of the HCMC’s Department of Planning and Investment showed US$2.85 billion had been committed in the year to date, up 22.6% year-on-year, with over US$2.4 billion sourced from 397 fresh projects, up by 28% in value, and the remainder from 131 existing projects.
While the nation has seen a slide in new FDI with the year’s US$20-billion goal seen as unattainable, the FDI picture in HCMC is encouraging, buoyed by large projects including the US1-billion thin-film solar power project of First Solar in Cu Chi District.
Thanks to this project, the city’s manufacturing and processing industries takes the leading position in terms of fresh FDI capital with US$1.13 billion, 47% of the total newly-registered capital. Still, the projects in these industries only account for 13% of the 50 projects.
However, the First Solar project was indefinitely postponed last month and the company cited an imbalance between solar power supply and demand on global markets as a key reason for postponement.
The property sector has attracted the second most FDI with around US$700 million. Meanwhile, the retail sector has lured US$318 million from 102 projects.
Source: SGT
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• First furnace at Formosa steel manufacturing to start in 2014 (30/03/2012)
• A Thai company takes a step further into Vietnam’s cement market (20/03/2012)
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