HCM City has granted the first three foreign direct investment (FDI) licenses of the new year, with total pledged capital of US$830,000.
Three Koreans will spend half a million US dollars establishing Hitisa Vina Co to produce thread, with a licensed period of 30 years. Korean Kang Hee Jeon is licensed to set up Jeon Kyung Vina Co to make PP fibers and other materials for garment producers. The 25-year venture has total capital of US$300,000 and will export 80% of output.
US-invested Interactive Art Service Vietnam Co, specialising in software production, and graphic and Web design, is the third project capitalised at only US$30,000.
Last year saw FDI approvals amounting to more than US$755 million, US$55 million higher than the year’s target and up by US$275 million on the previous year.
Of the sum, over US$431 million came from 234 new projects and a little more than US$324 million from 140 operational projects.
The Service of Planning and Investment says the processing industry attracted 106 FDI projects, the highest, followed by the real estate trading and consulting service sectors with 75 projects and the transport, warehousing and communication sectors with 13 projects.
There are good prospects for the city to lure more FDI this year as many multinationals from Japan and South Korea came to the city to sound out business and investment opportunities.